The GST Council is seeking to track dealings in virtual digital assets in a more effective manner, as per the Bloomberg report. The next GST Council meeting is to be held on 28th -29th June, 2022 in Chandigarh.
It is expected that the government will discuss GST on cryptocurrencies transactions. The panel may not finalize a rate in the upcoming meeting but discussions may be held on placing it in the highest tax slab of 28 per cent, according to a media report.
Further, Council is also likely to discuss pruning the list of exempted items, plan to shift rate slabs, and proposal to correct inverted duty structure in textiles. It might discuss a proposal to shift rate slabs from the current five per cent to seven or eight per cent; and from 18 per cent to 20 per cent. The Council may also discuss the proposal to correct inverted duty structure in textiles.
GST collection in May 2022 hit a record 44% higher year-on-year jump at Rs 1,40,885 crore. Out of which CGST is Rs 25,036 crore, SGST is Rs 32,001 crore, IGST is Rs 73,345 crore and Cess is Rs 10,502.