The 54th GST Council meeting will take place on Tuesday, September 9, 2024, the administration said. The 53rd GST Council meeting was conducted on June 22 in New Delhi, chaired by Union Minister for Finance and Corporate Affairs Nirmala Sitharaman.
The Council, among other things, authorized a legislation modification to introduce a new Section 11A into the Central GST Act, giving the government the authority to enable regularisation of non-levy or short levy of GST, when tax was being underpaid or not paid owing to ordinary trade practices.
The GST Council also proposed modifying Section 112 of the CGST Act, 2017 to allow the three-month term for submitting appeals before the appellate tribunal to begin on a date to be published by the government in respect of appeal/revision decisions issued before that date. The council has also suggested that any new anti-profiteering applications be submitted by April 1, 2025.
GST Collections
GST receipts grew by 10.3% in July to more than Rs 1.82 lakh crore, driven mostly by domestic goods and services transactions, according to statistics released on Thursday. This is the third-largest monthly collection since the GST was implemented on July 1, 2017.
Refunds totaled Rs 16,283 crore in July. After accounting for these returns, the net GST revenue exceeded Rs 1.66 lakh crore, representing a 14.4% rise.
Gross GST income totaled Rs 1,82,075 crore, with Central GST at Rs 32,386 crore, State GST at Rs 40,289 crore, and Integrated GST at Rs 96,447 crore. The compensation cess collected totaled Rs 12,953 crore.
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