GST Council - Meeting Live Updates on Notifications, Amendments, Dates Members of Council Body

As a small or medium business owner or startup founder in India, it is important to stay up-to-date on the latest developments in the Goods and Services Tax (GST) regime. One of the key bodies responsible for managing the GST system is the GST Council, which holds regular meetings to discuss new policies, amendments, and notifications.

What is the GST Council?

The GST Council is a constitutional body created under Article 279A of the Indian Constitution, with the goal of overseeing the implementation of the GST system. The Council is chaired by the Union Finance Minister, and includes finance ministers from all of the Indian states and Union Territories.

The GST Council meets periodically to discuss issues related to GST implementation, and makes recommendations on issues such as tax rates, exemptions, and the threshold for registration. The Council also oversees the work of the GSTN, the IT backbone of the GST system, and makes decisions on issues such as the implementation of e-invoicing and the introduction of new GST return forms.

Recent GST Council Meetings

The GST Council meets on a regular basis, and its decisions have a significant impact on businesses across India. Here are some of the recent GST Council meetings and the key decisions taken:

Meeting on May 28, 2021

The GST Council met on May 28, 2021, and made several key decisions related to the GST system. Some of the key decisions announced in the meeting were:

The GST rates on COVID-related medicines, oxygen concentrators, and other medical equipment would be reduced to 5%.
The deadline for filing GST returns for May 2021 would be extended to June 26, 2021.
The Council approved the introduction of a new GST return form called FORM GST ANX-1.

Meeting on March 19, 2021

The Council met on March 19, 2021, and made several important announcements related to the GST system. Some of the key decisions taken in the meeting were:

The deadline for filing GST returns for February 2021 would be extended to March 31, 2021.
The Council approved the introduction of a mandatory e-invoicing system for businesses with a turnover of over Rs. 50 crores.
The GST rates on certain goods and services, including cotton, silk, and ethanol, were revised.

How to Stay Updated on GST Council Meetings

As a business owner or startup founder in India, it is important to stay updated on the latest developments related to the GST system. One of the best ways to do this is to regularly check the official GST Council website, which provides information on upcoming meetings, decisions taken, and other important updates related to the GST system.

You can also check the official GST Twitter handle for updates on GST Council meetings and other important news related to the GST system. Additionally, many news outlets and industry organizations provide regular updates on the latest developments related to the GST system.

Conclusion

The GST system has had a significant impact on businesses across India, and the GST Council plays a key role in overseeing its implementation. By staying up-to-date on the latest GST Council meetings, decisions taken, and other important updates related to the GST system, small and medium business owners and startup founders can ensure that they are well-prepared to navigate the complexities of the GST regime.