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GST Council meeting - 10 things to know with detail

• The GST Council is a constitutional body in India responsible for making recommendations to the government on issues related to the Goods and Services Tax (GST).
• The Council is chaired by the Union Finance Minister and includes the Finance Ministers of all the states and Union Territories as its members.
• The Council meets periodically to discuss and decide on various issues related to the GST, including tax rates, exemptions, and other policy matters.
• In its recent meeting, the GST Council decided to reduce the GST rates on several items, including textiles, footwear, and handicrafts.
• The Council also decided to extend the deadline for filing GST returns for the financial year 2020-21 by two months, from September 30 to November 30.
• The Council discussed the issue of compensation to states for revenue loss due to the implementation of GST and decided to explore alternative sources of funding for the same.
• The Council also discussed the proposal to bring petroleum products under the purview of GST but did not reach a decision on the matter.
• The Council decided to set up a committee to look into the issue of inverted duty structure in certain sectors and recommend measures to address it.
• The Council also discussed the issue of fake invoices and decided to take strict action against those involved in such practices.
• Overall, the recent GST Council meeting was aimed at addressing key issues related to the GST regime and ensuring its smooth implementation for the benefit of both taxpayers and the government.