GST Council Meet On May 18-19; Here’s All The Details
India will see a new tax regime coming into force, after the Goods and Services Tax Council meeting that is scheduled to take place on May 18-19.
The Goods and Services Tax Council will be finalizing the various rules prior to employing the new tax regime, with the meet scheduled on May 18-19. The meeting will have discussion about issues related to valuation norms, input tax credit, transition provisions, composition and a lot more, The Hindu reported.
Notably, the tax rates might not be announced in the next GST meeting. Experts also suggest that the there is no urgency since the ERP system will not require new coding and all that they will have to do is just put in the numbers. So the most important thing right now is only the rules and regulations.
Additionally, experts also feel that early reveal on the new tax rates might led people to hoard stuff that might become expensive due to higher GST rates. But, again for companies, it will be beneficial as they will be able to make their procurement decision for the July-September quarter.
It is worth mentioning here that so far, 13 GST council meets have been held. For the implementation of the new tax regime in reality, five laws have been finalized. And of these five laws, the Parliament has passed four. But, the fifth one, which requires approval of the legislative assemblies of the state and union territories’, is still awaited. Also, the Council is yet to finalize the rules as well as the rates of individual products and services.
Notably, with the introduction and implementation of GST, the Center and the states hope to have a more transparent economy and also plug all the leakages. Moreover, it will also ensure that consumers are not facing the cascading effect of indirect taxes.