43rd GST Council Meeting Expectations
The Ministry of Finance (MOF) has recently announced that, on 28th May 2021, the 43rd GST Council meeting will take place through video conferencing. The 43rd GST Council Meeting will be chaired by our Union Finance Minister Nirmala Sitharaman. The other members will be Finance Ministers of States and Union Territories and Senior officers from Union Government & States including Minister of State for Finance & Corporate Affairs.
The last meeting was the 42nd GST Council Meeting took place on October 5, 2020, to determine the issue of repaying states for their revenue shortage in 2020-21. That meeting was additionally stretched out to October 12, 2020, for finishing a centralized acquiring instrument to meet the revenue deficiency. The meeting ended by examining different issues, in any case, many stay unaddressed. Presently, the forthcoming meeting is occurring after around 7 months. The states have been mentioning their GST remuneration and require a couple of issues to be tended to.
43rd GST Council Meeting Expectations
There are various expectations from the 43rd GST Council Meeting and specialists assume that there will be a few declarations identified with GST Compensation Cess, waiver of charges, and GST concessions on basic clinical and medical services gear, vaccines, such as:
- GST Rates Rationalization
- GST Exemption Covid-19 Vaccines and medical services gear
- Covering petrol and diesel under the purview of GST
- Inverted Duty Structure Issues Resolution
- GST Compensation Shortfall to states losing self-rule over revenue produced through indirect tax due to implementation of GST.
