The 53rd meeting of the GST Council will begin today on 22 June. Union Finance Minister Nirmala Sitharaman will chair the meeting. In this meeting, online gaming and reducing tax on fertilizers can be discussed. Currently, GST is levied on fertilizers at the rate of 5%, while raw materials like sulfuric acid and ammonia attract 18% GST. The issue of reducing tax on fertilizers was raised in the 45th and 47th meetings held in September 2021 and June 2022. In this meeting, many important issues can also be discussed with the aim of streamlining the GST structure, increasing compliance and resolving the concerns of the industry. Just a day after Nirmala Sitharaman formally took over as the Union Minister of Finance and Corporate Affairs, the GST Council announced the date of the 53rd GST Council meeting. It is taking place today i.e. on 22 June. In the October meeting, 28% tax was imposed on online gaming The last meeting of the GST Council was held on October 7, 2023. In this meeting, the GST Council had decided to impose a 28% duty on online gaming, casinos and horse racing. These important decisions were taken in the 52nd meeting The government collected ₹1.73 lakh crore from GST in May The government had collected Rs 1.73 lakh crore from GST in May 2024. This was the fourth highest GST collection ever collected in any month and the second highest GST collection of FY 2024-25. Earlier, the government had collected the highest amount of Rs 2.10 lakh crore from GST in April 2024. There was an increase of 10% in gross GST collection on an annual basis. CGST was Rs 32,409 crore, SGST was Rs 40,265 crore According to the Finance Ministry, in the GST collection of Rs 1,72,739 crore in May, CGST was Rs 32,409 crore and SGST was Rs 40,265 crore. IGST stood at Rs 87,781 crore (including Rs 39,879 crore collected on import of goods) and cess at Rs 12,284 crore. The cess includes Rs 1,076 crore received on import of goods. GST collection shows the health of the economy GST collection is an indicator of the overall health of the economy. On the GST collection figures for the month of April, KPMG National Head Abhishek Jain said that the highest GST collection till date reflects a strong domestic economy. GST was implemented in 2017 GST is an indirect tax. It was implemented in 2017 to replace a variety of previous indirect taxes (VAT), service tax, purchase tax, excise duty and many other indirect taxes. GST has four slabs of 5, 12, 18 and 28%.
