Major Announcements Expected? FM Addresses Press After 4-Hour GST Council Meeting

The key expectations from the GST Council meeting include a potential GST rate reduction on online gaming, a significant issue currently before the council.
Major Announcements Expected - FM - Press - GST Council Meeting - taxscan

The Union Finance Minister Nirmala Sitaraman presided over the 53rd meeting of the GST Council today (22nd June 2024) at New Delhi with Revenue Secretary and CBIC Chairman. The meeting commenced at 2:00 PM, however, the Finance Minister addressed the public in the evening.

The latest GST Council meeting has left many speculating about potential outcomes, as no clear agenda has been revealed. Transparency is lacking, and it would have been better if the GST Council had solicited public comments and made the agenda clear to stakeholders. This lack of transparency is fueling widespread speculation about the council’s meeting.

Despite high expectations, the discussions remain shrouded in ambiguity. The press meet, scheduled to start at 6 PM, follows a 4-hour-long session, fueling hopes for significant announcements.

This meeting is particularly important as it marks the first GST Council meeting since the commencement of the Modi Government’s third term. The expectation is high, and stakeholders are keenly awaiting updates on any crucial decisions that may emerge from this session.

The key expectations from the GST Council meeting include a potential GST rate reduction on online gaming, a crucial issue currently before the council. Additionally, there is anticipation for a possible revamp of the GST structure, with discussions on the inclusion of petroleum products under GST.

Another perspective suggests that not many decisions will be made since the government has just formed, and extensive deliberations with concerned authorities are still necessary. However, there is also optimism because the Finance Minister remains unchanged in this new term of the Modi government, suggesting that the existing coordination and cooperation within the Ministry may continue smoothly.

Also read: 53rd GST Council Meeting: Key Expectations for Tomorrow

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