GST Council to review revenue position, compensation cess on Dec 18

Team Udayavani, Dec 5, 2019, 11:17 AM IST

New Delhi: The GST Council meeting scheduled to be held on December 18 is likely to deliberate on raising cess on some more products to meet the growing need of compensation among other issues.

The meeting of all-powerful GST Council is going to be held against the backdrop of lower-than-expected GST collection.

The GST Council will deliberate on the matter of GST compensation at its meeting on December 18, Minister of State for Finance Anurag Singh Thakur said on the sidelines 62nd founding day of Directorate of Revenue Intelligence (DRI).

He also said India’s economic fundamentals continue to be strong and that the government would take more steps to revive the economy.

India’s GDP growth slumped to a 26-quarter low of 4.5 per cent in the second quarter of the current fiscal as gross value added to the manufacturing sector contracted for the first time in nine quarters.

The last time GDP grew at a slower pace was in the fourth quarter of 2012-13, when it had expanded only 4.3 per cent.

The compensation requirements have increased significantly and are unlikely to be met from the compensation cess being collected.

This discussion is quite critical as lower GST and compensation cess collections have been a matter of concern in the last few months, according to a letter written by the GST Council to Commissioner, SGST of all states.

The Council has sought suggestions, inputs or proposals as regards measures, on compliance as well as rates which would help in augmenting revenue.

“Specific suggestions may please be provided on … review of items currently under exemptions, GST and compensation cess rates on various items, rate calibrations for addressing the inverted duty structure, compliance measures other than those currently under implementation and any other measure to augment revenue,” it said.

The suggestions made will be placed before the committee for urgent examination, it said.

The GST Council is headed by Finance Minister Nirmala Sitharaman.

Earlier in the day, finance ministers and representatives of opposition-ruled states met Union Finance Minister Nirmala Sitharaman and expressed their concern over the delay in the release of GST compensation which has put them in an acute financial position.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

UP polls: Akhilesh Yadav promises jobs for 22 lakh youths in IT sector

Denied ticket by BJP, ex-Goa CM Laxmikant Parsekar to quit party

RDay parade: Navy’s tableau to depict 1946 uprising; woman officer to lead marching contingent

Won’t contest polls if BJP fields a better candidate, says Utpal Parrikar

Aspirational districts now eliminating barriers to progress: PM

“So tragic”: Canadian PM after Indian family of 4 freezes to death near border

Seven dead, 16 injured in massive fire in central Mumbai high-rise

Related Articles More

5G coverage inside buildings to be a challenge as signals get transmitted on high frequencies: Trai

Intel building $20 billion chip facility in US amid global shortage

Most people feel I-T exemption limit could be raised from Rs 2.5 lakh: Survey

Sensex tumbles 427 pts; Nifty retains 17,600

T-Systems Names Anant Padmanabhan as Managing Director


Viral Video | Dog saves baby deer from Drowning

House Caught fire in Dandeli Uttara Kannada

Mangaluru: Woman and newborn die in hospital, family alleges medical negligence

Use And Throw Politics Nobody can do Better than Kejriwal


Latest Additions

Bengaluru: Girl celebrating her 20th birthday killed in fatal accident

UP polls: Akhilesh Yadav promises jobs for 22 lakh youths in IT sector

UP polls: Akhilesh Yadav promises jobs for 22 lakh youths in IT sector

Denied ticket by BJP, ex-Goa CM Laxmikant Parsekar to quit party

UP Polls: Swing constituencies under special focus of parties

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.