47^th GST Council to Meet on June 28-29 in Cool Climes of Srinagar

· Rate Rationalisation not on the Agenda

The 47th GST Council meeting, headed by the Union Finance Minister Nirmala Sitharaman, is all set to take place on June 28 and 29 in Srinagar.

"The 47th meeting of the GST Council will be held on June 28-29, 2022 (Tuesday & Wednesday) in Srinagar," Finance Minister Nirmala Sitharaman's office tweeted.

The council meeting assumes significance as it is likely to discuss the issues including a report of the panel of state ministers on rate rationalisation, the GST rate on casinos, race courses and online gaming and certain simplifications in procedures.

The finance ministry sources had earlier said that with inflation at a record high, there is hardly any scope for rationalisation of GST rates on goods and services at present.

Under the GST, a four-rate structure exempts or imposes a low rate of tax of 5 per cent on essential items and levies a top rate of 28 per cent on luxury and demerit goods. The other slabs of tax are 12 and 18 per cent.

Besides, a cess is imposed on the highest slab of 28 per cent on luxury, demerit and sin goods.