GST Council cuts rates on 29 goods, 54 services

GST Council To Meet Tomorrow May Consider Reduction In GST Rates

The Council has also discussed measures to simplify the process for filing returns, however, a final decision for which has been deferred for the next meeting.

The GST Council, which held its 25th meeting in Delhi on Thursday, lowered GST rate to zero per cent on some 29 handicraft items besides reducing the levy on a couple of agricultural products as well. The daylong deliberations over taxing goods and services happened just two weeks ahead of the Union Budget, which Finance Minister Arun Jaitley will unveil in Parliament on February 1, 2018. He said that another video conference council meet will take 10 days from now on simplification of GST filing and e-way bill.

Pant also said the Council has not considered petroleum and real state to take under GST. The council made a number of revisions to the tax rate on 20 items including the used vehicles.

The council was expected to do away with multiple return forms under GST by combining some forms.

The government is waiting for the e-way Bill to come into effect all over the country from February 1, for inter-state movement of goods. The rate on diamonds and precious stones has been cut from 3 per cent to 0.25 per cent. Sugar boiled confectionary and drinking water packed in 20 litre bottles will attract GST of 12 per cent, as against 18 per cent earlier. Seventeen lakh dealers who have registered themselves at 1 per cent have only deposited Rs 307 crore in the first quarter.

- To add, in the GST rate schedule for goods at 28 per cent, actionable claim in the form of a chance to win in betting and gambling including horse racing.

The e-way bill system will make tax avoidance extremely hard as the government will have details of all goods above the value of Rs 50,000 that are moved and can spot a mismatch if tax returns are not filed. As a corollary, rates were amended for 29 goods and 53 services.

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Also services relating to admission to, or conduct of examination provided to all educational institutions have been exempted from the GST ambit.

Tamarind Kernel Powder Mehendi paste in cones LPG supplied for supply to household domestic consumers.

Now, GSTR 3B is crucial, because it will be combined with the invoice details which is uploaded by suppliers on the GST portal.

Reverse charge is a mechanism where the recipient of the good or service will have to pay GST, which is otherwise paid by the supplier.

Buses running on bio-fuels under the chapter 8702, have been recommended for a reduction.

Also, to reduce the burden on research-based sectors, rates applicable for satellites and payloads, scientific and technical instruments, apparatus, equipment, accessories, parts, components, spares, tools, mock-ups and consumables required for launch vehicles and satellites and payloads cut from 18 per cent to 5 per cent. Services by way of fumigation in a warehouse of agricultural produce has been exempted from GST.

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