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

As part of the 50th GST Council meeting, Union Finance Minister Nirmala Sitharaman has released a short film video titled ‘GST Council – 50 steps towards a Journey’ today. The Council meeting started at 11:00 am at Vigyan Bhawan, New Delhi.

The officials stated that “the council has so far held 49 meetings and has taken approximately 1500 decisions in the spirit of co-operative federalism.”

Furthermore, the 50th meeting represents a significant achievement in terms of cooperative federalism and the establishment of an effective and uncomplicated tax system.

The Finance minister has stated that “This body does not differentiate between big and small states. Everybody’s justices got to done with the wisdom of the Council”.

Key decisions made by the GST Council meeting 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
8. Amnesty schemes have been introduced for stakeholders

The number of taxpayers base has been increased to 1,36,58,027 (1.36 crores) and the revenue collection has been increased to Rs. 18.07 lakh crore with a buoyancy of 1.25 in the last 5 years and with a  buoyancy 1.4 for the last 2 years. Further, the refund sanction amount has been increased to Rs. 1,19,110 crores.

The video ends stating “50th council meeting is a landmark meeting, a milestone which indicates the success of cooperative federalism and the establishment of good and simple tax.”

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