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Economy, India

GST Council Meet LIVE UPDATES: Nirmala Sitharaman to discuss Tax cut, GST evasion and more

Newly appointed Finance Minister Nirmala Sitharaman will be chairing her first and the 35th meeting of the powerful federal indirect tax body, the GST Council, on Friday. Sitharaman replaced Arun Jaitley under the Modi 2.0 government.

Sitharaman’s predecessor Arun Jaitley had ensured all decisions of the Council so far were consensus-based without resorting to voting. To break the ice, Sitharaman will meet state finance ministers in the forenoon and seek their suggestions on union budget for FY20. The GST Council meeting will take place in the afternoon, at about 2 PM.

The meet comes two weeks prior to the finance minister’s maiden Union Budget 2019. In today’s meet, she will decide upon important matters such as slashing tax rates on electric vehicles, revised and compulsory norms for e-ticketing, tweaking GST rate on lotteries and evasion of GST by businesses, among others.

Furthermore, state ministers as part of the discussions on budget FY20 are expected to urge Sitharaman to consider issues of local importance such as setting up of higher education institutions, central support for dealing with natural disasters and funds for infrastructure creation. Drought like situation in parts of the country is also expected to figure in the discussions.

LIVE UPDATES

1:20 PM | The Union Finance Minister said that the share of the States in tax devolution has increased from 32% under 13th Finance Commission to 42% in 14th Finance Commission during the first tenure of the present Government


01:10 PM | Nirmala Sitharaman said that unprecedented level of devolution of funds has taken place from Centre to the States which has increased in recent times from Rs.8,29,344 Crore to Rs.12,38,274 Crore


12:55 PM | FM Nirmala Sitharaman chairs pre-budget consultation meet

In her Opening Remarks at the Pre-Budget Consultation Meeting,the Finance Minister Nirmala Sitharaman said that no goals can be achieved if States and the Centre don’t work together in cohesion.


12:40 AM | GST Council may remove more items from the 28 per cent slab

Amid concerns of an economic slowdown, the first GST Council meeting under the re-elected Modi government may look at further pruning the highest tax slab of 28 per cent, which currently comprises 28 goods.


12:15 AM | GST council to discuss proposal to levy GST on extra-neutral alcohol

The GST Council is likely to extend till 30 November 2020 the tenure of the National Anti-profiteering Authority (NAA), which deals with customer complaints regarding not receiving tax cut benefits


11:50 AM | The GST Council meet to be attended by State/UTs FMs, Senior ministry officials

The Union Finance Minister, Smt. @nsitharaman to chair the 35th GST Council Meeting in New Delhi today which will be attended by the Finance Ministers of States/UTs & Senior Officers of the Ministry of Finance & State Govts among others.

 

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