GST Council to meet on May 28, pharma in focus

THE COUNCIL LAST MET ON OCT 5 TO RESOLVE THE ISSUE OF COMPENSATING STATES FOR SHORTFALL IN REVENUE

NEW DELHI: The Goods and Services Tax (GST) Council will meet for the first time in seven months on May 28 to discuss key issues such as compensation to states and tax waivers on various medicines, medical devices, and health services amid the second wave of the Covid-19 pandemic, two officials said on Saturday.

Finance minister Nirmala Sitharaman’s office on Saturday tweeted the date and timing of the meeting. The move came after several states, including Punjab and West Bengal, raised the issue of an inordinate delay in convening the meeting, officials aware of the developments said on condition of anonymity.

“Smt @nsitharaman will chair the 43rd GST Council meeting via video conferencing at 11 AM in New Delhi on 28th May 2021. The meeting will be attended by MOS Shri @ianuragthakur besides Finance Ministers

of States & UTs and Senior officers from Union Government & States,” a tweet from the finance minister’s office said.

The GST Council is required to meet once in every quarter. Its meetings are convened by the finance ministry as the council is chaired by the Union finance minister. Finance ministers of states and UTs are members of the council, the apex federal body on indirect tax matters. The last time the council met was on October 5, 2020 (the 42nd meeting) to resolve the issue of compensating states for their revenue shortfall in 2020-21.