The GST Council may on Friday consider reducing items in the 28 per cent tax slab and slash rates for daily use items, plastic products and hand-made furniture as it looks to provide relief to consumers.
Four months after the Goods and Services Tax (GST) was rolled out, the panel headed by Union Finance Minister Arun Jaitley will look at the most comprehensive overhaul of rates, easing returns filing and providing more relief to small and medium enterprises, official sources said.
The 23rd meeting of the Council, being held here, will also deliberate on the suggestions made by Assam Finance Minister Himanta Biswa Sarma-headed GoM to cut tax rates for the composition scheme businesses to 1 per cent and lower rates for non-AC restaurants. Click to read more
The Federation of Hotels & Restaurants Association of India today said the body met with GST Council members, including state finance ministers, to press for rationalisation of tax rates for the industry.
“We have met the GST Council, which was represented by the Union Revenue Secretary Hasmukh Adhia. We have also met a couple of state Finance Ministers separately and put forward our demands,” Federation of Hotels & Restaurants Association of India (FHRAI) President Garish Oberoi told Press Trust of India. Click to read more
Bihar Deputy Chief Minister Sushil Kumar Modi, who is also a member of the GST council, said on Wednesday that tax rates on 80 per cent items of top 28 per cent slab are likely to be slashed at the council’s meeting starting tomorrow.
“Tax rates on 80 per cent of 227 items falling in top slab is likely to be reduced from 28 per cent to 18 per cent in the next GST council meeting. The GST fitment committee has also recommended reducing tax rates from 18 per cent to 12 per cent on a number of goods,” Mr Sushil Modi said at a function at the Bihar Chamber of Commerce here. Click to read more
The GST Council, headed by Finance Minister Arun Jaitley, is huddling for its 23rd meeting on November 9 and 10 at Guwahati. In the lead up to the meeting, Bihar Deputy Chief Minister Sushil Kumar Modi, who is also a member of the GST council, on Wednesday said tax rates on 80 per cent items of top 28 per cent slab are likely to be slashed. “Tax rates on 80 per cent of 227 items falling in top slab is likely to be reduced from 28 per cent to 18 per cent in the next GST council meeting. The GST fitment committee has also recommended reducing tax rates from 18 per cent to 12 per cent on a number of goods”, he said. “So far, tax rates have been slashed on more than 100 items”, he added. Click to read more
The government’s goods and services tax (GST) has opened up a new business opportunity for the business process management sector, which expects to see demand from companies who may need help managing their tax filings and invoice matching processes. The GST regime, which was rolled out on July 1, requires companies to file returns every month in every state in which they do business and also needs invoices to match to allow for tax refunds. The system is geared to prevent tax evasion. Click to read more
The agitation seeking removal of GST on handmade products will now take the theatre route, with Prime Minister Narendra Modi and finance minister Arun Jaitley being invited to a play that has a mother (Mother India) losing her young cobbler son (handmade sector) and losing out on her Swadeshi livelihood.
The invitation has gone to the PM and the FM on the eve of the next GST council meet in Guwahati, to be held on Thursday and Friday. The play, Taayavva (mother), written and directed by theatre person and activist Prasanna, will be presented at the ADA theatre in Bengaluru on November 21. Click to read more