GST Council To Conduct 50th Meeting On July 11 In New Delhi

The 50th GST Council meeting will be conducted on July 11, 2023, at Vigyan Bhawan in New Delhi. The GST Council, which is headed by the Union finance minister and comprises representatives of all states and UTs, is the apex decision-making body for indirect taxes in India.

“The 50th meeting of the GST Council will be held on 11th July, 2023 at Vigyan Bhawan, New Delhi,” the GST Council said in a tweet on Thursday.

In the 50th meeting, the GST Council is likely to discuss the issue of GST on cement. Apart from this, it is also expected to take up the matter of the GST rate to be levied on online gaming.

The Council is also expected to clear the operational framework of the GST appellate tribunal. The 49th GST Council meeting in February accepted the report of a panel of state ministers to set up GST Appellate Tribunals with some modifications. The tribunal will deal with tax disputes and streamline resolution.

A 4-member appellate tribunal is proposed to be set up in each state to streamline and expedite the dispute resolution process with regard to goods and services tax (GST). Each state appellate tribunal would have two technical members (one officer each from the centre and states) and two judicial members.

There will also be a national appellate tribunal, which would be set up in Delhi, and comprise one judicial member and one technical member.

In the 49th GST Council meeting in February, the Council agreed to reduce the GST rate on pencil sharpeners from 18 per cent to 12 per cent. It also decided to reduce GST rate on liquid jaggery from 18 per cent to nil or 5 per cent, and also cut tax rate on certain tracking devices.

It also rationalised the late fees on annual returns. Late fee for annual return up to 5 crore has been fixed at Rs 25 per day, subject to an maximum amount of 0.02 per cent of his turnover. For taxpayers having turnover of Rs 5 crore to Rs 20 crore, the late fee would be Rs 50 per day.