GST Council cuts tax rate cut on 29 goods, 53 services

GST Council To Meet Tomorrow May Consider Reduction In GST Rates

The panel at its next meeting may also consider bringing under the Goods and Services Tax (GST) purview items like petroleum and real estate which are now outside the new regime, Finance Minister Arun Jaitley said.

The Union Budget for 2018-19 will be presented in Parliament on February 1. He said that another video conference council meet will take 10 days from now on simplification of GST filing and e-way bill. According to some reports, Council may set a 12 per cent rate for the real estate sector and may also decide to subsume stamp duty and registration charges in GST. Also, all powerful GST Council has not finalized single form return under GST which was the main agenda of meeting.

On the issue of E-Way bills introduction, he said that uploading of inter-sate Eway bills would become necessary after February 1. Besides, GST rate on construction of metro and monorail projects (construction, erection, commissioning or installation of original works) has been reduced from 18% to 12%. He said during July-September, 17 lakh registered dealers paid Rs 307 crore via the window, which pointed to an annual turnover of under Rs 20 lakh, the minimum requirement for registering under GST. GST rate applicable on tailoring service has been reduced to 5 per cent, which was earlier 18 per cent.

The new GST rates will come into effect from January 2.

Input tax credit claims came to focus after the government failed to collect the targeted amount of revenue through GST, mostly due to tax evasion. Following the change of rate in the GST tax slabs, a price cut is also now likely to be expected once the changed rates are implemented on January 25. The Council discussed the possibility to retain only GSTR-3B form or initial sales return.

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Buses running on bio-fuels under the chapter 8702, have been recommended for a reduction. Diamonds and precious stones will now attract 0.25 percent GST instead of 3 percent, while vibhuti and de-oiled brown rice will attract nil tax.

There has also been recommendation of a revision from 18% to 5% on products such as Tamarind Kernel Pwder, Mehendi Paste in cones, LPG supllied for supply to household domestic consumers by private LPG distributors as well as scientific and technical instruments and apparatus (Chapter 88 and others).

The new rates will affect 29 goods and 53 services.

A total of 49 goods and services have been exempted from the GST ambit.

"To clarify that elephant/ camel joy rides are not classified as transportation services and attract GST at 18% with threshold exemption to small services providers", the government said.

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