Finance Minister Nirmala Sitharaman Chairs 54th GST Council Meeting in New Delhi: Stay for Updates

Union Finance Minister Nirmala Sitharaman presided over the 54th meeting of the GST Council today at Sushma Swaraj Bhawan, New Delhi. This is the first GST council meeting after the full- Budget of 2024.

The Union Minister of State for Finance Shri M.P.P. Chaudhary, the Chief Ministers of Goa and Meghalaya, and the Deputy Chief Ministers of Arunachal Pradesh, Bihar, Madhya Pradesh, and Telangana are also present for the meeting.

Get a Copy of GST Smart Guide, Click here

Alongside, Finance Ministers from various states and Union Territories with legislative assemblies, senior officials from both the Union Government and the states participated in this meeting.

This GST council meeting is expected to address a range of topics crucial to the GST framework, including potential adjustments in tax rates, policy changes, and new recommendations from the Group of Ministers (GoM). The GST Council, which is responsible for overseeing the GST regime and making necessary recommendations to ensure its effective implementation.

Get a Copy of GST Smart Guide, Click here

Also read: GST Provisions in Finance Act to Be Enforced Post GST Council Meeting on 9th Sep: CBIC

Below the tweet of the Ministry of Finance, many citizens have presented some issues that should be resolved as soon as possible. One of the demands was to confirm the GST on senior citizen insurance.

According to Article 279A(1) of the Constitution, the GST Council was to be constituted within 60 days of the act’s commencement. The notification for bringing Article 279A into force was issued on September 10, 2016, with effect from September 12, 2016.

Also read: Govt appoints Tuhin Kanta Pandey as New Finance Secretary of DIPAM

Article 279A(4) mandates that the GST Council make recommendations on various GST-related issues, including taxable goods and services, model GST laws, tax rates, exemptions, and special provisions for certain states. The first GST Council meeting took place on September 22-23, 2016. The Council now meets periodically to discuss and decide on GST-related issues. Decisions are typically made by consensus, but if a vote is required, the Central Government's vote carries one-third of the total weight, while the State Governments' votes combined carry two-thirds. A proposal is approved if it receives at least three-fourths of the weighted votes from members present and voting.

Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates