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GST Council meeting on May 28

The GST Council is expected to discuss the modalities for borrowings by states to meet shortfall in tax revenues for this fiscal, if there would be a requirement for it this year like last fiscal.

By: ENS Economic Bureau | Ens Economic Bureau, New Delhi |
May 16, 2021 1:00:21 am
Union Finance Minister Nirmala Sitharaman will chair the 43rd meeting of the GST Council on May 28, her office tweeted.

After a gap of over seven months, the Goods and Services Tax (GST) Council will hold its next meeting on May 28. Many states have been raising the long delay in convening the meeting of the Council, which was otherwise supposed to meet at least once every quarter.

The GST Council is expected to discuss the modalities for borrowings by states to meet shortfall in tax revenues for this fiscal, if there would be a requirement for it this year like last fiscal. Also, states are expected to raise issues regarding tax rates on Covid-related drugs, oxygen equipment and vaccines.

The long pending issue of inverted duty structure, wherein tax rates on output is less than that on inputs, is also expected to be taken up in the Council meeting.

The GST Council had last met on October 5, 2020 to finalise contours of borrowings by states to meet shortfall in tax revenues. The meeting had then got extended and ended on October 12.

Union Finance Minister Nirmala Sitharaman will chair the 43rd meeting of the GST Council on May 28, her office tweeted.

“Smt @nsitharaman will chair the 43rd GST Council meeting via video conferencing at 11 AM in New Delhi on 28th May 2021. The meeting will be attended by MOS Shri @ianuragthakur besides Finance Ministers of States & UTs and Senior officers from Union Government & States,” it said.

Opposition party-ruled states have raised concerns about the delay in the GST Council meeting in recent weeks.

West Bengal Finance Minister Amit Mitra, earlier this week, wrote to Sitharaman seeking urgent convening of the meeting to discuss the issue of compensation shortfall to states and other pending items.

“You are kindly aware that the GST Council was mandated to meet once in every quarter. Unfortunately, this solemn mandate has been violated twice over, by not calling a meeting of the Council for two consecutive quarters — not even virtually,” Mitra wrote.

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