Highlights
- The 45th GST Council Meeting is to be held on 17th September 2021
- Nirmala Sitaraman, the Finance Minister, will be presiding over the council meeting
- The increasing prices of daily fuels like petrol and diesel will be discussed at the meeting.
September 17 is going to be an important day for the Indian economy. Finance Minister Nirmala Sitaraman will be chairing the 45th Goods and Service Tax or GST Council Meeting on 17th September. The prices of certain fuels like petrol and diesel have seen a remarkable rise over the past year.
It is expected that these will be brought under the jurisdiction of indirect tax. This will certainly require a level of compromise from both state and central governments. The revenues which are collected from these fuels might be reduced. This will be quite harmful to the financial cushioning strategy of the government.
Significance Of The GST Council Meeting
The 45th GST Council Meeting will have much significance as it is the first on-ground meeting in the last 20 months. The last meeting was conducted way back in 2019. This was even before the Covid-19 restrictions were completely imposed over the country.
As we all know, there has been a hike in the prices of the necessary commodities over the period of lockdown. It is strongly hoped that the GST Council Meeting will be able to bring at least some form of reform into the excessive taxing policies of the government.
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The Attending Ministers Of The State
The senior officials and the finance ministers of different states will be accompanying Nirmala Sitaraman in this meeting. The ministers from the Union Territories are also likely to be a part of the meeting. It is being speculated that the council will offer its views on GST and how it has affected the state economy negatively. Most of the sectors are under tremendous pressure from the pandemic. The extra costs which must be borne due to the pandemic might increase this burden. The GST Council Meeting is very crucial this year. Most of the traders are hoping that the changes in the policies might be directed towards the benefit of the common people of the nation.
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What Do You Think?
What do you think might be the policy at the GST Council Meeting? Will the ruling authorities be considerate enough to take the day-to-day needs of the people into consideration? We are eager to know your views on this matter in the comment section below!
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