Bimal Jain
The 45th meeting of Goods and Services Tax Council ("GST Council") is scheduled to be held on September 17, 2021. The Ministry of Finance tweet dated September 01, 2021, stated that the GST Council meeting will be chaired by the Hon'ble Union Finance Minister Nirmala Sitharaman and will take place in Lucknow, Uttar Pradesh.
The 44th GST Council meeting was held on June 12, 2021, through Video Conferencing, in which the GST Council decided upon reduction of the GST rates on the specified items being used in Covid-19 relief and management like medicines, oxygen, medical kits etc. till September 30, 2021,
The GST Council in its 45th meeting is expected to review these reductions made and discuss the compensation structure going ahead. For the five years of GST rollout till June 2022, states are guaranteed compensation under GST for the revenue gap between actual collections and the protected amount, based on a 14 percent compounded rate from base year 2015-16. Further, in this meeting, the Union Ministry of Finance shall disclose various proper scenarios after June 2022.
The 45th GST Council meeting will be the first physical meeting of the Finance Minister and Council Members after covid-19 hit the country.
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