January , 2018
GST Council slashes rates
23:57 pm

B.E. Bureau

With a lot of buzz about the Goods and Services Tax (GST) around, Uttarakhand Finance Minister Prakash Pant said that the GST Council decided to slash rates on 29 items, mainly handicrafts, to 0%. 49 other items have been rationalized. However, he also stated that no decision has been taken on simplification of GST return filing.

Furthermore no decision was taken to bring real estate and petroleum products under the ambit of GST.

The last two months of GST collection showed a sharp dip to `80,808 crore in November, while it was `94,063 crore in July last year. The meeting also held special significance as key decisions were expected to come out ahead of the Union Budget, which will be presented on February 1.

Union Finance Minister Arun Jaitley after the 25th GST council meet said that the revised GST rates will be applicable from January 25. GST rates have also been reduced in a few agricultural products.

Arun Jaitley also mentioned that the Council may consider bringing items like crude oil, natural gas, petrol, diesel, ATF and real estate within the GST purview but no fixed date for the meeting has been finalised yet.

According to PTI’s quote on Jaitely, he said the GST Council discussed making GST return filing process simpler. Provision of carrying e-way bill, when moving goods between states, will be implemented from February 1. Fifteen states will implement intra-state e-way bill.

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