As per the recent tweet by CNBC-TV18, the upcoming GST Council meet is likely to lay down contours for GST Tribunals. GST Tribunals have been a long standing demand of industry to reduce and Fastrack litigation.
The GST Council is likely to meet in the second half of June:
- Upcoming GST Council meet likely to lay down contours for GST Tribunals
- Govt likely to have National, Regional, state & area-wise tribunals across the country
- Govt likely to have more than one tribunal in large states like Maharashtra, Tamil Nadu, U.P., Rajasthan etc.
- Council to deliberate on the composition of the tribunals, structure, benches, members for technical and judicial powers
- GST Council likely to see a discussion on extension of compensation expiring for states on June 30, 2022
- Centre unlikely to extend the window of compensation
- GST Council likely to extend the timeline for the GOM on rate Rationalisation by another 6 months to deliberate on the Terms of Reference
- GST Council likely to begin a discussion on including various aspects and possible transactions to cover Virtual Digital Assets and crypto assets under GST ambit
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