Key Insights from the GST Council Meeting on June 22, 2024

Introduction

The upcoming GST Council meeting scheduled for June 22, 2024, is poised to address several significant issues related to the Goods and Services Tax (GST) regime in India. The meeting holds substantial importance as it aims to streamline the taxation process, address compliance challenges, and discuss potential amendments to existing tax laws.

Agenda of the Meeting

The GST Council meeting will cover a wide range of topics that are critical for both businesses and policymakers. Key points on the agenda include:

1. Rate Rationalization: The Council will deliberate on the rationalization of GST rates to simplify the tax structure and reduce the burden on consumers and businesses.

2. Compliance Measures: Enhancing compliance measures to curb tax evasion and ensure efficient tax collection will be another major focus.

3. Input Tax Credit (ITC) Issues: Addressing concerns related to the availability and utilization of Input Tax Credit to facilitate smoother business operations.

4. Amensty Scheme: The council might discuss an amnesty scheme to resolve pending GST disputes and offer clarity on the tax treatment of foreign airlines and shipping lines.

5. Online Gaming: The GST Council is unlikely to consider the online gaming industry’s plea for relief from retrospective taxes, instead focusing on GST law amendments and steps to improve the ease of doing business, feel the experts. Experts also emphasised on the need for relief from new corporate guarantee valuation rules. Smita Singh, partner at S&A Law Offices, stressed the importance of clarifying the tax regime for online gaming