Finance Minister to Hold Strategy Session with GST, Customs, and Income Tax Officials: Report
Union Finance Minister to Meet with GST, Customs, and Income Tax Officials
Union Finance Minister Nirmala Sitharaman is scheduled to hold meetings with the heads of the Central Board of Indirect Taxes and top officials from the Income Tax Department to engage in a brainstorming session, as reported by CNBC-TV 18. The Finance Minister will convene with top officials of the GST and Customs departments on June 19 and 20, followed by a meeting with Income Tax department officials on June 23.
Agenda of the Meetings
The meetings with direct and indirect tax department heads will focus on deliberating rate rationalization, trade facilitation compensation cess, and reviewing current revenue trends. Discussions will also center around enhancing taxpayer facilitation, expediting the refund and filing process, resolving disputes, and boosting revenue.
The Finance Minister is expected to discuss customs clearance efficiency and cargo speed with customs officials, as well as address capacity-building concerns. The talks will also encompass topics such as international taxation and safe harbor.
Upcoming GST Council Meeting
The next GST council meeting, expected later this month, is likely to address the issue of tax relief for life and health insurance premiums. The Group of Ministers (GoM) on insurance may propose a GST exemption on term life insurance premiums and health insurance premiums for senior citizens, along with suggesting waiving GST on health insurance policies with coverage up to Rs 5 lakh to improve affordability for the general public.
