Upcoming GST Council Meeting may address Amnesty Scheme, Exemptions for Shipping and Airlines and Budget 2024-25

The upcoming 53rd GST Council meeting on June 22, 2024, in New Delhi has a full agenda, including discussions on an amnesty scheme for pending GST disputes, clarifications on foreign airlines' and shipping lines' tax treatments, and pre-budget talks with states. \r

While hopes for a reduced GST rate for online gaming are slim, businesses seek reduced penalties under the amnesty scheme, possibly lowering the pre-deposit rate to 7.5%. The meeting marks the first since Prime Minister Narendra Modi's reelection, underscoring its significance in shaping economic policies for the government's third term. \r

May 2024 GST collections totaled Rs 1.73 lakh crore, a 10% rise year-on-year but lower than April's peak collections.