Rate Revisions, Discussions On Real Estate Likely
Here are the other issues that the GST Council may consider:
- Lowering tax rates on buses run on biodiesel, agricultural equipments, and inclusion of natural gas under GST.
- Rate on packaged drinking water would be brought done from 18 percent.
- The GST rates on tools and implements applicable to drip irrigation would be brought down to popularise and propagate the drip irrigation in the country, Minister of State for Parliamentary Affairs, Water Resources, River Development and Ganga Rejuvenation, Arjun Ram Meghwal was quoted as saying in release by industry body PHD Chamber. GST rates on equipment and tools pertaining to drip irrigation currently attract 18 percent GST.
- A presentation will be made on the contours of including real estate under the new indirect tax regime. This was the unfinished agenda in the last GST Council's meeting in Guwahati.
The council will meet for the last time before the nationwide implementation of e-way bill mechanism. It is, therefore, expected to take stock of the preparedness before the e-way bill system is implemented. E-way bill mechanism would be rolled out countrywide for inter-state transfer of goods from 1 February 2018.
(With inputs from PTI and BloombergQuint)
GST Council Meet Ends, Jaitley Addresses Media: Highlights of GST Council Meet
New rates on 29 goods & 53 categories of services to come into effect from 25 January, says Finance Minister Arun Jaitley. The GST Council also decided to continue 3B return filing.
The Key Highlights:
- GST Council revised tax rates on 29 items and 54 categories of services, the finance minister said.
- Next meeting of GST Council will approve a simpler GST return filing process, he added.
- Rs 35,000 crore of Integrated GST will be provisionally divided between the Centre and states, Jaitley said. The division of IGST credit will boost the indirect tax position of both the central and state governments, he added.
- Provision of carrying e-way bill, when moving goods between states, will be implemented from 1 February. 15 states will implement intra-state e-way bills, Jaitley added.
- Next meeting of GST Council may consider bringing petroleum and other exempt items within the purview of GST, Jaitley said.
GST Video Conference on Simplifying Tax Returns to be Held in 10 Days
The GST Council is likely to hold a video conference in 10 days to explain a simplified method to file GST returns, BloombergQuint reported.
GST Rates on 29 Items Cut to Zero Percent
BloombergQuint quoted the Uttarakhand Finance Minister Prakash Pant as confirming a reduction of GST rates on 49 items. The report adds that the GST rate on 29 items has been cut to zero percent, mainly handicrafts.
No decisions have been made on real estate.