New Delhi: The next meeting of the GST Council will take place on 28 May. The 43rd meeting of the GST Council, chaired by Finance Minister Nirmala Sitharaman, will be through video conferencing to discuss policy related to Covid at the request of the Finance Ministers of the State Governments. Let me tell you that this meeting of the GST Council is being held after 7 months.
Finance Minister Nirmala Sitharaman gave the information of this meeting on her official Twitter account. Earlier, the GST Council met in October 2020. The GST Council may have to decide on the financial support sought by the states due to the damage caused by the corona virus epidemic in the meeting to be held on 28 May.
With the demand for fiscal support by the states, a decision is also likely to be taken on FY22 GST Compensation i.e. GST Compensation Compensation and GST Rate. Let us tell you that in FY21, the central government had agreed on a financing method to compensate for the decrease in GST revenue. It may be decided in the upcoming meeting whether to continue it for FY22 or not.
The central government has already given relief in import duty on medical supplies and vaccines related to Covid. The demand of the states is also to provide such relief to the locally produced vaccine. However, Finance Minister Nirmala Sitharaman has said earlier that giving tax credits to manufacturers will harm the common consumers.
Let us tell you that the Central Government of Odisha Chief Minister Naveen Patnaik has demanded to provide fiscal support to the states and provide relief in tax on the vaccine. Naveen Patnaik wrote in his letter that states should be given relief from GST in buying vaccines for people between 18 and 45 years. This will put less burden on the states and all will be able to get the vaccine.
