50th GST Council Meet: Centre Releases ‘GST Council – 50 Steps towards a Journey’ Short Film
Union Finance Minister Nirmala Sitharaman marked the occasion of the 50th GST Council meeting by releasing a captivating short film titled ‘GST Council – 50 steps towards a Journey.’ The film highlights the significant achievements of the GST Council and its remarkable journey thus far.
With 40 successful meetings already held, the council has made approximately 1,500 decisions, reflecting its commitment to cooperative federalism, as emphasized by the finance ministry’s tweet. Reaching the 50th milestone is a noteworthy accomplishment, underscoring the council’s dedication to fostering cooperative federalism and establishing an efficient and simplified tax system.
During the event, Finance Minister Sitharaman emphasized the council’s impartiality, stating that it does not differentiate between big and small states, ensuring justice for all with the council’s wisdom.
In addition to the short film release, Sitharaman also unveiled a Special Cover and a customised ‘myStamp’ presented by the Chief Post Master General of the Delhi Circle India Post Office.
The 50th GST Council meeting holds great significance as it is expected to address various crucial matters. These include determining GST rates for food and beverages sold in multiplexes, exempting GST on the import of the cancer drug Dinutuximab, and providing GST exemption on Food for Special Medical Purposes (FSMP) used in treating rare diseases.
Furthermore, the council is set to finalize the establishment details of an appellate tribunal. Additionally, the industry’s demand for full reimbursement of Central Goods and Services Tax (CGST) and 50% Integrated Goods and Services Tax (IGST) in 11 hill states under the ‘Scheme for Budgetary Support’ will be addressed during the meeting.
Stay tuned for further updates on the outcomes and decisions made at the 50th GST Council meeting, as the council continues to shape India’s tax landscape.