Union Finance Minister chairs Day 2 of 47th GST Council meet in Chandigarh
Chandigarh [India], June 29 (ANI): Union Finance Minister Nirmala Sitharaman chaired the second day of the two-day meeting of the 47th Goods and Service Tax (GST) Council in Chandigarh on Wednesday.
The two-day meeting that began yesterday saw participation by Union Ministers of State for Finance and finance ministers of states and Union Territories as well as senior officials from the Centre and states. Sitharaman will brief the media on the outcomes of the meeting later this evening, Ministry of Finance said.
The meeting of the GST Council was scheduled to be held in Srinagar was later shifted to Chandigarh.
"The 47th meeting of the GST Council will be held on 28-29 June, 2022 (Tuesday and Wednesday) at Chandigarh instead of Srinagar," the GST Council posted on the Twitter on June 18 to inform about the change of the plan.
The meeting of the GST Council comes after a gap of six months. Several states have urged the Centre to extend the deadline for compensation beyond June 30, 2022.
The previous meeting -- 46th meeting -- of the GST Council was held in the national capital on December 31, 2021.
As the guaranteed five-year GST compensation to the states nearing its end, the proposal for its extension is likely to have come up in the ongoing meeting.
GST regime was introduced in the country with effect from July 1, 2017 and states were assured for compensation for loss of any revenue arising on account of implementation of the GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years.
The Centre on May 31 cleared the entire amount of GST compensation payable to states up to May 31, 2022, by releasing an amount of Rs 86,912 crore.
According to the Ministry of Finance, the decision was taken to assist the states in managing their resources and ensuring that their programmes especially the expenditure on capital is carried out successfully during the financial year. (ANI)