New Delhi: Union Finance Minister Nirmala Sitharaman will chair the 46th meeting of the GST Council in New Delhi on Friday (December 31), the final day of the 12 months. Union Ministers of State within the Ministry of Finance, Pankaj Chaudhary and Dr Bhagwat Kishanrao Karad may also be attending the council meeting.
On Thursday, Ministry of Finance tweeted, “FM Smt @nsitharaman will chair the 46th meeting of the GST Council in New Delhi, tomorrow. The meeting will be attended by MoS for Finance @mppchaudharyand @DrBhagwatKarad, besides Finance Ministers of States and UTs and Senior officers from Union Government and States.”
FM Smt. @nsitharaman will chair the 46th meeting of the GST Council in New Delhi, tomorrow. The meeting can be attended by MoS for Finance Shri @mppchaudhary & Shri @DrBhagwatKarad, apart from Finance Ministers of States & UTs and Senior officers from Union Government & States. pic.twitter.com/S1rDGN0TIf
— Ministry of Finance (@FinMinIndia) December 30, 2021
The 46th GST Council meeting holds significance forward of the Union Budget, which is offered on the primary day of February by the Finance Minister in Parliament.
Several state governments, together with Chhattisgarh, Kerala, Delhi and West Bengal, on Thursday, pressed for the continuation of the GST compensation for one more five-year interval in view of the monetary stress created by the COVID-19 pandemic outbreak.
Many states additionally demanded elevating the share of the Union authorities within the Centrally Sponsored Schemes (CSS). The Centre and state authorities at present share in some CSS is 60:40 whereas in others it’s 75:25.
Notably, the GST compensation to states for income shortfall ensuing from subsuming of native taxes comparable to VAT within the uniform nationwide tax, Goods and Services Tax (GST) will finish in June subsequent 12 months.
The demand for extension of the GST cess regime amongst others was made by a number of state finance ministers at a pre-budget session referred to as by Union Finance Minister Nirmala Sitharaman right here.
On Thursday, Nirmala Sitharaman chaired the pre-budget consultations with the Finance Ministers of States and Union Territories (with Legislature) for Union Budget 2022-23 in Delhi. This would be the fourth finances of the Prime Minister Narendra Modi-led NDA authorities in its second tenure.
The pre-budget meeting was attended by Union Ministers of State for Finance, Chief Ministers, Deputy Chief Ministers, Finance Ministers, Ministers and Senior Officers from the States and Union Territories (with Legislature) and the Union Government, the Ministry of Finance mentioned in an official press launch.
The Union Finance Secretary welcomed all of the individuals to the deliberation and knowledgeable the significance of this explicit session meeting.
Most of the individuals thanked the Union Finance Minister for financially supporting their States/Union Territories in the course of the worst months of pandemic, by enhancing borrowing limits, offering again to again loans to States, and thru Special help for capital expenditure.
Notably, the individuals gave quite a few recommendations to the Finance Minister for inclusion within the Budget Speech. The Finance Minister thanked the individuals for his or her inputs and recommendations in direction of Union Budget 2022-23 and guaranteed to look at every of the proposals.
(With Agency Inputs)
