Rs 14,131.6 cr recovered from sale of Vijay Mallya’s assets: Sitharaman
The Finance Minister informed the Lok Sabha that the Enforcement Directorate (ED) has been successful in recovering assets from several high-profile economic offenders.
The Union Government has decided to convene the first meeting of the Goods and Services Tax (GST) Council in the third tenure of Prime Minister Narendra Modi on June 22.
This will be held after eight-and-a-half months since its last meeting, the Finance Ministry said on Thursday.
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The agenda for the GST Council meet, which is to be held under the chairmanship of Finance Minister Nirmala Sitharaman, is not known yet.
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However, it is likely that the State Finance Ministers can be expected to flag suggestions for the indirect tax regime that can be incorporated in the Union Budget likely to be presented next month.
Reports also suggested that from the upcoming GST meet, the industry will also be keen for signals on the revival of a plan to restructure the complex multiple-rate tax structure, now that GST revenues have risen significantly, along with a promised review of the 28% levy on bets made in online gaming, casinos, and horse racing.
A few reports have also suggested that the committee may also issue clarification on claiming Input Tax Credit (ITC) as well as on rationalisation of rates.
The committee could study the prospects of bringing ATF under 5% GST slab, and will also assess the oil ministry’s proposal to tax Natural Gas under 12 or 18% tax slab.
At the last meet, held on October 7, 2023, the GST Council initiated discussions on a perspective plan to impose a cess or surcharge on top of GST levies after March 2026, when the GST Compensation Cess is due to expire.
The Council had then decided to meet in the future to discuss a replacement levy for the cess and how those funds could be used.
Further, there are expectations on resolution of some long-pending operational issues and challenges at the upcoming meeting.
It is to be highlighted that the Council is generally expected to meet every quarter. But it has met just six times since 2022.
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