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GST Council reduced rates of 29 goods, 54 categories of services

GST Council reduced rates of 29 goods, 54 categories of services

The panel, headed by Finance Minister Arun Jaitley and comprising representatives of all states, at its 25th meeting on Thursday chose to reduce tax rate on 29 items and 54 categories of services with effect from January 25.

The GST Council will on Thursday consider a host of proposals to simplify procedure for filing of returns, registration of large entities and take stock of the GSTN's readiness for e-way bill rollout from 1 February.

In a statement, party spokesperson GVL Narasimha Rao said the government has given a huge encouragement to an informal sector, which showcases Indias traditions, by exempting 29 handicraft items from the Goods and Services Tax (GST) regime.

GST rate will be cut on transportation of petroleum crude and petroleum products (petrol, diesel and ATF) from 18 percent to 5 percent without input tax credit and 12 per cent with ITC.

Jaitley said the decisions on changing the tax rates were taken on the recommendations of the fitment committee and the changes will come into force from January 25.

"As many as 15 States have made a decision to implement the provision for intra-State movements as well", he added. On sharing the media post on his twitter account, Arun Jaitley twitted, "Addressing a pre-budget consultative meeting with States' Finance Ministers, January 18, 2018". It will be taken up in the next meeting, which will be through video conference, the date of which has not been set.

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Infact, out of 17 lakh taxpayers under composition scheme, only RS 307 cr tax was collected during the quarter ended July, Jaitley said. "While direct tax collections are well ahead of target, indirect tax collections need to be closely watched, especially in the light of huge IGST credit and transitional credits", Rastogi said.

Businesses have raised concerns about high rates of taxation and cumbersome processes in GST, billed as India's biggest tax reform in 70 years.

He further said, "It was finally culminating in the direction that initially there will be a GSTR-3B return and there would suppliers' invoices, which could be adequate". The Council is also expected to rationalise taxes of agriculture implements and unconventional fuel buses.

Under the Goods and Services Tax (GST) rolled out from July previous year, inter-state road transport of goods beyond 10 km, with a value of Rs 50,000 and above, will mandatorily require e-way bill from 1 February. The implementation of eWay Bill was one such step. This slump in GST collections has been the biggest worry for the Finance Minister.

Except for the rate cuts, other changes would require amendments in the GST-related laws that are likely to be taken up in the later half of the upcoming Budget session of Parliament.

Another important measure is with respect to Form 3B, which will continue but has been simplified.


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