GST Council to Reconstitute Crucial Ministerial Groups Amidst Cabinet Reshuffle
The GST Council needs to reorganize three critical Groups of Ministers (GoMs) focusing on GST revenue analysis, real estate sector, and GST system reforms following the induction of new ministers from 11 states.
Gst CouncilGoods And Services TaxNirmala SitharamanReal Estate SectorGst Revenue AnalysisGst System ReformsReal Estate MaharashtraJun 23, 2024
The inclusion of these new ministers necessitates the reorganization of three GoMs focused on GST revenue analysis, enhancing the real estate sector under GST, and GST system reforms. While the GoM on GST rate rationalization was reconstituted in February, appointing Bihar Deputy Chief Minister Samrat Chaudhary as its convenor, the reconstitution of the other three GoMs is still pending.
The GoM on GST revenue analysis will now include the new finance minister from Odisha, following the BJP's recent electoral victory and government formation in the state. Additionally, the new finance minister from Haryana will be added to this panel. The GoM aimed at boosting the real estate sector, led by Maharashtra Deputy Chief Minister Ajit Pawar, will be restructured due to the change in Bihar's finance minister.
The panel on GST system reforms, also chaired by Ajit Pawar, will incorporate five new ministers from Assam, Andhra Pradesh, Haryana, Chhattisgarh, and Odisha. These reconstitutions are crucial to ensure the GST Council continues to effectively address and manage GST-related issues with the newly appointed representatives.
Meanwhile, Union Finance Minister Nirmala Sitharaman chaired a pre-budget meeting with Finance Ministers of all States and Union Territories to take suggestions for the upcoming Union Budget 2024-25. The Pre-Budget Meeting was organised by the Ministry of Finance and Corporate Affairs with Finance Ministers of all the States and Union Territories (with Legislature).
Frequently Asked Questions
What is the Goods and Services Tax (GST) Council?
The GST Council is a constitutional body that decides on GST rates, rules, and regulations in India.
Why does the GST Council need to reconstitute the Groups of Ministers (GoMs)?
The GST Council needs to reconstitute the GoMs due to the induction of new ministers from 11 states, necessitating a reorganization of the existing ministerial groups.
What are the three GoMs that need to be reconstituted?
The three GoMs that need to be reconstituted are focused on GST revenue analysis, enhancing the real estate sector under GST, and GST system reforms.
Who is the convenor of the GoM on GST rate rationalization?
Bihar Deputy Chief Minister Samrat Chaudhary is the convenor of the GoM on GST rate rationalization.
What was the purpose of the pre-budget meeting chaired by Union Finance Minister Nirmala Sitharaman?
The pre-budget meeting was organised to take suggestions from Finance Ministers of all States and Union Territories for the upcoming Union Budget 2024-25.
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