50th GST Council Meeting: Finance Minister releases Special cover and Customised mystamp

During the 50th meeting of the GST Council, the Union Finance Minister unveiled a Special Cover and personalized myStamp today. The Chief Post Master General of the Delhi Circle presented these special items to the Union Finance Minister, Nirmala Sitharaman, on this occasion.

In the My stamp, it was stated “The introduction of Goods and Services Tax (GST) on 1″ July, 2017 brought significant changes to the Indian indirect tax regime. It replaced multiple indirect taxes levied by the Centre and States with a single tax, reducing the cascading effect of taxes and improving the ease of doing business in India. GST also brought about greater uniformity in tax rates across the country, simplification of compliance procedures, and increased transparency in the tax system.

The GST Council is a constitutional body established under Article 279A of the Constitution of India. It has played a vital role in co-operative federalism by promoting greater collaboration between the Central and State governments. Through its decision-making process, the Council has ensured that the needs Of the stakeholders are taken into account and decisions are made in the best interest Of the nation, The Council has held 49 meetings since its inception in 2016. The 50th GST Council Meeting marks a major milestone in the implementation of GST in India.”

Key decisions made by the GST Council so far:

1. Rates of 178 items coming under 28% slab have been rationalised – 23rd Meeting on 10th November 2017
2. E-way bill introduction – 24th Meeting on 16th December 2017
3. Limit of annual turnover for availing composition scheme for  suppliers of goods has been increased to 1.5 crores – benefitted SMEs – 32nd meeting on 10th January 2019
4. E-invoicing system – 35th GST Council meeting on 21st June 2019
5. Annual return has been made optional for small taxpayers – 37th Meeting on 20th September 2019
6. Filing of forms GSTR-1 and GSTR-3B returns have been made quarterly (QRMP Scheme) for small taxpayers – 42nd meeting on 5th and 12th October 2020 
7. Approved the constitution of GST Appellate Tribunal – 49th Meeting on 18th February 2023 Amnesty schemes have been introduced for stakeholders
8. Amnesty schemes have been introduced for stakeholders

Read More: ‘GST Council – 50 Steps Towards a Journey’: FM Releases Short Film Video

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