The GST Council is likely to hold its 37th meeting in Goa on 20th September. The meeting will be chaired by Smt. Nirmala Sitharaman, Hon’ble Union Finance Minister. The GST Council meeting needs to be held at least once in three months.
The sources indicated that the council will review the present revenue position in GST era. It intends to take further steps to curb tax evasions and increase revenue collections.
Apart from this, the automobile sector demands GST rate cut. The auto sector is demanding rate cut from 28% to 18% which leads to significant revenue loss for the government.
At the recently held Automotive Component Manufacturers Association (ACMA) event, junior minister of finance, Anurag Thakur said, “The government has received requests from various sectors for a GST rate cut and the government has been analysising the demands.”
By lowering the GST rate on any of the items would be lead to loss for Government on Revenue front. GST collections in August have fallen below Rs 1 lakh crore, which is a lower than July collection.