Скачать или смотреть GST Council Meets Amid Festive Bonanza Buzz, States Seeks Revenue Protection

The 56th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman, is underway to finalize promised next-generation GST reforms. Following the Prime Minister's Independence Day announcement of a festive season bonanza, consumers are anticipating tax cuts on goods for the common person, which could boost the economy. However, eight opposition-ruled states, including West Bengal, Kerala, and Tamil Nadu, have raised concerns about significant financial stress without a clear revenue protection system. One speaker noted the potential impact on states, saying, "If it comes from the Prime Minister, it can't be less than 2 lakh crores in my judgement." In contrast, a State Bank of India research report projects that states will remain net gainers under the new GST regime, despite a possible initial dip in collections. The new framework aims to simplify compliance and broaden the tax base.
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