The 48th Goods and Services Tax (GST) Council meeting clarified several tax related issues in its meeting scheduled this week. The 48th GST Council, chaired by Union Finance Minister Nirmala Sitharaman, was held on December 17, 2022, via video conferencing after a gap of nearly six months.
The Finance Minister informed in the press conference that the meeting had 15 items on its agenda out of which seven items couldn't be taken up.
Here are the key announcements made in the meeting:
The 48th GST Council meeting holds significance as it is the last before the Union Budget which will be tabled in Parliament on February 1, 2023.
In the previous 47th GST Council meeting, conducted on June 28 and 29 in Chandigarh, the GST Council had decided to accept the group of ministers’ interim reports on the correction of duty inversion and exemption. Pre-packaged and pre-labelled retail packs, including curd, lassi and butter milk, were also brought under GST. The Goods and Services Tax (GST) Council is headed by the Union finance minister and comprises representatives of all states and Union Territories (UTs).
(This is a developing copy, will be updated with more details)
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