53rd GST Council Meet: Date, Time And How To Watch Press Conference Live
This will be the first GST council meeting after Finance Minister Nirmala Sitharaman assumed her position for the second consecutive term.
GST Council Meet: Union Finance Minister Nirmala Sitharaman will chair the 53rd GST Council meeting addressing critical issues related to the Goods and Services Tax (GST) regime. This will be the first GST Council meet since Prime Minister Narendra Modi began his third term.
The meeting will be attended by Finance Ministers of States and UTs (with Legislature) in the presence of senior officials from Union Governments and States.
The previous GST Council meeting in October 2023 saw finance ministers from all states and union territories approve several decisions, including exemptions for millet-based powdered foods and coastal cruises, and establishing a clear tax rate for extra-neutral alcohol used in industrial processes. The council also addressed the contentious issue of tax demand notices issued to online gaming companies.
GST Council Meeting: Date & Time
The 53rd meeting of the GST Council will be held on Saturday, June 22, 2024 at New Delhi. Nirmala Sitharaman will brief the media at 6 PM.
GST Press Conference Live: When and Where to watch?
The 53rd GST Council meeting began at around 4:00 PM on June 22 and the press conference will be eld at 6:00 PM. Finance Minister Nirmala Sitharaman's press conference will follow after the conclusion of the GST council meeting.
You can watch the press conference live on NDTV Profit YouTube Channel and you can follow our GST Council Meet Live blog for all the latest updates related to the meet.
53rd GST Council Meeting Agenda And Expectations
While the agenda for the upcoming GST Council meeting is still awaited, industry expectations include discussions on rate rationalisation and a review of the 28% GST rate on online gaming.
Deloitte India's Partner MS Mani expected the council could consider including low-impact petroleum products, such as natural gas, within the GST ambit. KPMG's indirect tax head and partner, Abhishek Jain expects clarifications on the taxability of ESOPs and corporate guarantees due to recent litigation.
GST Revenue Collection For May 2024
In May 2024, the gross Goods and Services Tax collections increased 10% year-on-year to Rs 1.73 lakh crore, according to a release by the Finance Ministry. The May figures were driven by a strong increase in domestic transactions at 15.3% and a slowing of imports by 4.3%
After accounting for refunds, the net GST revenue for May stood at Rs 1.44 lakh crore, reflecting a growth of 6.9% as compared with the same period last year. GST collections in April crossed the Rs 2-lakh-crore mark for the first time, since the rollout of the indirect tax reform in July 2017. GST collections are released with a one-month lag.
Gross GST revenue: Rs 1.73 lakh crore.
Central GST: Rs 32,409 crore.
State GST: Rs 40,265 crore.
Integrated GST: Rs 87,781 crore, including Rs 39,879 crore collected on import of goods.
Cess: Rs 12,284 crore, including Rs 1,076 crore, collected on the import of goods.
