News:Finance Minister has chaired the 38th GST Council Meeting in New Delhi.
Key takeaways from the meeting:
- The GST Council has for the first time used the voting process and has voted to tax lotteries under the highest slab of 28%.
- The Council has decided to tax woven and non-woven bags at 18%, compared to 12% at present.
- It has decided to set up grievance redressal committees at zonal and state level.These committees will address grievances of specific/ general nature of taxpayers at the Zonal/ State level.
- Several states raised the issue of a delay in the release of compensation that they were promised against any revenue loss from the implementation of GST.
GST tax Collection target:
- The Finance Ministry has set a monthly target of Rs 1.1 lakh crore collection of GST for the remaining four months.The ministry has planned field visits and drives to increase tax collection.
- At the beginning of the financial year Government had set a target of Rs 13.35 lakh crore of direct tax collection.So far,it has reached 45% of the set target till October,2019.
- The state of Uttar Pradesh and UT of J&K were the highest GST collectors so far in the year.
About GST Council:
- Goods & Services Tax(GST) Council is a constitutional body for making recommendations to the Union and State Government on issues related to Goods and Service Tax.
- As per Article 279A (1) of the constitution, the GST Council was constituted by the President.
- The council consists of the following members: (a) The Union Finance Minister is the Chairperson (b) The Union Minister of State in-charge of Revenue of finance and (c) The Minister In-charge of finance or taxation or any other Minister nominated by each State Government.