GST Council will have a physical meeting for the first time since the outbreak of the epidemic, these issues will be discussed

GST Council meet: The 45th meeting of the GST Council will be held in Lucknow on 17 September. The meeting of the GST Council led by Finance Minister Nirmala Sitharaman will be held in Lucknow on September 17. This will be the first physical meeting of the GST Council since the outbreak of the Corona virus epidemic.

The last GST Council meeting was held on June 12 through video conference amid the devastating second wave of the pandemic. In the meeting, Finance Minister Nirmala Sitharaman announced reduction in tax rate on most COVID-19 related supplies and tax exemption on drugs for the treatment of black fungus or mucormycosis. was also offered.

A common electronic portal will be launched

In the upcoming GST Council meeting, the Center is expected to address various compliance issues and notify a common electronic portal – This GST portal will reportedly be used for registration, tax payment, submission of IT returns and calculation and settlement of IGST.

In addition, the Council will help in facilitating the process of Aadhaar authentication of existing GST users in the GST Council meeting to be held on September 17. At the same time, the Council will give clarification on the interest charged on wrong / ineligible ITC claims.

Considering imposing special cess in this state

According to sources, the GST Council will consider the report of the Group of Ministers (GoM) to allow special cess on pharma and electricity in Sikkim. The GoM is in favor of allowing Sikkim to levy a cess of 1 per cent on inter-state supply of pharma items and Rs 0.1 per unit on consumption or sale of electricity for three years. However, this is a state matter which is outside the purview of the Goods and Services Tax (GST).

The GoM has urged the Center to consider a special package of Rs 300 crore per annum as assistance to Sikkim by 2023 to help it recover losses due to COVID-19.

GST collection crosses 1 lakh crore in August

Let us tell you that the total GST collections in the month of August stood at 1.12 lakh crores. It registered an increase of 30 per cent on an annual basis, but it was lower than in July. In the month of August, a total of Rs 1.12 lakh crore came from GST in the exchequer. It registered a spectacular growth of 30 percent as compared to August 2020. The GST collection in the month of July stood at Rs 1.16 lakh crore.

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