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The Goods and Services Tax (GST) Council will meet on June 28-29 to deliberate on the way forward after end of the five-year compensation period on June 30, including rationalization of tax rates in a phased manner as a multi-year goal due to inflationary concerns.
“The 47th meeting of the GST Council will be held on June 28-29, 2022 (Tuesday & Wednesday) in Srinagar,” finance minister Nirmala Sitharaman’s office tweeted on Thursday.
Under the GST compensation mechanism, which is constitutionally-guaranteed, state governments are assured 14% annual revenue growth for the first five years after the tax’s July 2017 launch.
While a much-awaited restructuring of the GST slabs to raise the revenue-neutral rate (RNR), from a little over 11% now to 15.5%, could start in a small way this year in areas not prone to inflation, the GST Council will likely consider enforcing a ministerial panel’s recommendations on data analytics to tighten compliance and scrutiny of GST returns to augment revenues by plugging leakages.
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