49th meeting of GST Council held in New Delhi.

  • The 49th meeting of the GST Council was held on 18th February in New Delhi.
  • The meeting, chaired by Finance Minister Nirmala Sitharaman, discussed setting up of appellate tribunals and mechanisms to prevent tax evasion in the pan masala and gutkha business.
  • After the Union Budget was presented earlier this month, the GST Council meeting has offered to extend the 50-year interest-free loan to states for one more year.
  • Government of India to clear entire pending balance GST compensation of Rs. 16,982 crore for June’2022.
  • GST Council adopts report of Group of Ministers (GoM) on GST Appellate Tribunal with certain modifications.
  • GoM report on Capacity Based Taxation and Special Composition Scheme in certain Sectors on GST approved. Changes in GST rates of “Rab” and Pencil Sharpner.
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