GST Council meeting: Union Finance Minister Nirmala Sitharaman chaired the 52nd GST Council meeting at New Delhi's Sushma Swaraj Bhawan on Saturday. Union Minister of State for Finance along with Finance ministers of various States and Union Territories (with Legislature), as well as senior officials from both the Union government and the states, marked their presence during the meeting that is underway.
According to sources, the Goods and Services Tax (GST) Council has decided to slash GST on millet flour food preparations from the current 18 per cent GST to 5 per cent.
The GST Council convenes periodically to deliberate on matters related to the GST regime, including tax rates, policy changes, and administrative issues. The 52nd meeting is aimed at discussing critical issues affecting the Indian tax system and finding collaborative solutions.
The GST Council plays a pivotal role in shaping India's indirect tax structure, ensuring that it aligns with the nation's economic goals and eases the tax burden on citizens and businesses. The meeting started at 10 am, and its outcomes are expected to have a significant impact on the country's economy going forward.
It's part of the government's ongoing efforts to refine the GST system to enhance efficiency and promote economic growth. The decisions and recommendations arising from the 52nd GST Council meeting will be closely watched by various stakeholders, including businesses, policymakers, and the general public, as they have the potential to influence taxation, trade, and overall economic dynamics in the country.
(with inputs from ANI)
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