New Delhi: The 57th Goods and Services Tax (GST) Council meeting is scheduled to be held on Thursday (Oct. 8) at Bharat Mandapam in New Delhi.
The 57th GST Council meeting was originally scheduled to take place in New Delhi on Sept. 12. However, since the BRICS summit was being held there at the time, the meeting was postponed to Oct. 7.
Now, the meeting that was to be held on Oct. 7 has been postponed once again to Oct. 8. The GST Council Secretariat has announced that the meeting has been deferred by one day due to unavoidable circumstances.
Accordingly, the GST Council meeting is scheduled to be held at 11 a.m. on Thursday at Bharat Mandapam in New Delhi.
Chaired by Union Finance Minister Nirmala Sitharaman, the meeting is expected to discuss simplifying the GST registration process for businesses with monthly transactions exceeding Rs. 2.5 lakh, introducing an automated system for GST cancellation and other changes, as well as policy reforms to resolve GST-related issues.
The government will propose a five-point plan for the next phase of reforms in the Goods and Services Tax (GST) system, according to sources in the Finance Ministry. These reforms are said to aim at removing and simplifying the many existing administrative hurdles in the GST system, particularly reducing the compliance burden on small businesses.
This five-point plan includes process reforms, structural reforms, ease of living and doing business, export of services, and e-commerce.
Some of the key proposed changes include automatic invoice matching between buyers and sellers, reducing paperwork related to claiming input tax credits, reducing the number of income tax returns small taxpayers must file, and eliminating multi-state registrations for small businesses.
The last, 56th meeting of the GST Council was held in September last year. During that meeting, the Council approved a rationalization of tax rates, focusing on ordinary people, labor-intensive industries, farmers, and agriculture, healthcare, and the key drivers of the economy.
