56th GST Council Meeting From Today in New Delhi; Chaired by Finance Minister Nirmala Sitharaman
The two-day meeting of the GST Council ( 56th GST Council Meeting ), chaired by Union Finance Minister Nirmala Sitharaman, is going to start today, Wednesday, September 3. A decision can be taken in this meeting on changes in the tax slab. This meeting is taking place at a time when the central government is getting closer to the deadline of implementing new reforms under the Goods and Services Tax (GST) system by early October.
Where will the meeting take place?
This will be the 56th meeting of the GST Council, which will begin at 11 am today. This meeting will be held in New Delhi and the GST Council meeting held in New Delhi is usually held at Vigyan Bhavan. This meeting will conclude tomorrow on 4 September.
What is the GST Council?
The GST Council is responsible for deciding on tax rates, exemptions, and compliance measures under the GST framework.
What can be the big announcements?
Changes to the existing GST slabs could be the biggest announcement made at the 56th GST Council meeting. The council is expected to make major changes in the GST slabs by eliminating the 12 percent and 28 percent GST slabs. This will bring most goods and services in the 12 percent tax slab down to the 5 percent tax slab, and goods and services in the 28 percent tax slab down to the 18 percent tax slab.
What could be cheaper?
Due to the change in GST tax rate, toothpaste, shampoo, and talcum powder, electronics, including television and air conditioners, and cars and bikes can become cheaper. At the same time, there are very few things on which the tax rate may increase, and they will become expensive. These include flight tickets.
Who all are included in the GST Council
Union Finance Minister Nirmala Sitharaman will chair the 56th GST Council meeting. Other key members of the 33-member council include Union ministers of state, additional secretaries, and the chairman of the CBEC. It will also include finance ministers of all states and union territories, as well as senior officials of the Centre.
There is no relief from this tax
Additionally, the GST Council is expected to continue with the 40 per cent tax rate for ‘sin’ products such as tobacco and other luxury products.
