As the information from the two-day GST Council meeting trickle in, indications are most of the media reports are turning out to be correct.
Bihar finance minister Sushil Kumar Modi told the media that the Council has decided to cut the tax rates on 50 items. The 23rd GST Council meeting is reviewing the progress of the new tax regime three months after it was rolled out.
A formal briefing will be made on Friday after the conclusion of the meeting.
The Council members will be deliberating on the impact on the small-scale industry, an exemption to small traders and issues related to maximum retail price (MRP).
Representational image. PTI
Assam finance minister Himanta Biswa Sarma had told reporters on Monday, after reviewing the preparations for the meeting that these were the issues that the meeting would take up.
"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, he had informed.
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.
Today's meeting will be followed by the meeting of the full council headed by Union Finance Minister Arun Jaitley on Friday.
Minister Sarma or other officials were, however, not reachable for their inputs on today's meeting.
Stating around 200 participants are expected to attend the meeting, he said confirmation was received from 24 states with their finance ministers, including the Chief Minister of Puducherry, participating in the meeting.
(With inputs from PTI)
Updated Date: Nov 10, 2017 20:34 PM