GST Council meeting will be held on 22 June under the chairmanship of Nirmala Sitharaman

This meeting of the Council is the first such meeting since their last meeting in October 2023.

“The 53rd meeting of the GST Council will be held on 22nd June, 2024, at New Delhi,” the official X handle of the GST Council wrote on Thursday.

The agenda for the council meeting has not yet come out in the public forum.

As is usually the case, the Union Finance Minister will chair the 53rd GST Council meeting, which will be attended by state finance ministers, among others.

The GST Council meets from time to time to discuss matters related to the GST regime, including tax rates, policy changes and administrative issues.

The Council plays a key role in shaping India's indirect tax structure, ensuring that it is in line with the country's economic goals and reduces the tax burden on citizens and businesses.

The decisions and recommendations taken in the 53rd GST Council meeting will be closely watched by various stakeholders, including businesses, policy makers and the general public, as these have the potential to impact taxation, business and overall dynamics.

The Goods and Services Tax was implemented in the country from July 1, 2017 and the states were assured compensation for any revenue loss caused due to the implementation of GST for a period of five years as per the provisions of the GST (Compensation to States) Act, 2017.

Meanwhile, preparations have begun for the first Budget 2024-25 of the third term of the National Democratic Alliance government led by Prime Minister Narendra Modi.

Yesterday the Finance Minister took charge of the Finance Ministry and held a meeting with senior officials.

The Finance Minister directed officials to begin the process of budget preparation, stressing the need for careful planning and comprehensive analysis. This early start is aimed at ensuring a well-planned budget that effectively addresses the country's economic priorities and challenges.

The collaborative efforts of the Ministry's team are expected to contribute towards preparing a strong and strategic financial plan for the coming financial year.