The two-day GST Council meeting, which began on Thursday, again resumed on Friday morning in Guwahati after the night’s break. The meeting is being held to review the progress of the new tax regime three months after it was rolled out.
The closed-door meeting, headed by Union Finance Minister Arun Jaitley, will conclude on Friday evening and a formal meeting is scheduled to take place after that.
The 23rd meeting of the GST Council will be deliberating on the impact on the small scale industry, exemption to small traders and issues related to maximum retail price (MRP), State Finance Minister Himanta Biswa Sarma had told reporters on Monday, after reviewing the preparations for the meeting
“The meeting will be important as it will review the progress of the new tax regime three months after it was rolled out. It is a milestone meeting, Sarma had said.
The reports of the three committees currently working on GST are also likely to be taken up at the meeting that will review the progress and impact of the GST at the completion of the first quarter, Sarma explained.
The committees include rate fitment committee, GoM (group of ministers) headed by Sarma working on making the GST composition scheme more attractive besides the one working on the GST Network.
Reports suggested about 200 participants are attending the meeting, which include finance ministers of several states states.
(With inputs from agencies)