GST Council meet ends, Return Filing process to be simplified

25th GST Council meet begins Petroleum products real estate decline in tax collections on agenda

State finance ministers and their counterpart in the central government Arun Jaitley will hold wide-ranging talks on Thursday about state finances and indirect taxation at the 25th meeting of the Goods and Services Tax (GST) Council and a pre-budget consultation in the national capital.

The Union Finance Minister Arun Jaitley chaired the 25th meet of the GST Council in New Delhi. The decline in tax collection will amplify the Centre's fiscal concerns ahead of the Union Budget, scheduled for February 1.

29 Handicraft items have been put in 0% slab. Tax collections were reviewed by the GST Council on Thursday and Jaitley suggested that there was massive evasion through the composition scheme for small traders that came with a flat tax liability and low compliance. Initially, there will be 3B return and the supplier invoice would be adequate.

Besides, the entire process of GST filing has also been proposed to be simplified, and seamless. "Today it was not discussed but it's possible it will be discussed in the next meeting".

The council chose to give tax impetus to the regional air connectivity by providing 3-year GST exemption to viability gap funding under the UDAN (Ude Desh ka Aam Naagrik) scheme. Currently, businesses have to file both GSTR-3B and GSTR-1.

CII said that "However, after introduction of GST, credit on Value-Added Tax paid on petroleum products, including natural gas, is not available and the amendment of the CST act has significantly altered inter-state sale of the products". These collections slipped for the second consecutive month from Rs 83, 000 crore to Rs 80,808 crore in November. With petroleum, real estate still outside, the GST juggernaut still remains imperfect or deformed.

GST rate on second-hand medium and large cars and SUVs has been reduced from 28 percent to 18 percent and on other old and used motor vehicles to 12 percent.

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GST rate cut on domestic LPG sold by private companies.

GST rates for Vibhuti, parts and accessories for the manufacture of hearing aids and de-oiled rice bran were brought down to nil, while rice bran (other than de-oiled rice bran) which was earlier exempt will now attract 5 per cent GST. However, tax rates will be increased on cigarette filter rods from 12 per cent to 18 per cent.

To allow ITC of input services in the same line of business at the GST rate of 5% in case of tour operator service. In good news for housing societies, the GST Council has made a decision to enhance the exemption limit of Rs 5,000 per month per member to Rs 7,500 in respect of services that are provided by resident welfare associations to their members against their individual contribution.

- To reduce GST rate on transportation of petroleum crude and petroleum products (MS, HSD, ATF) from 18 per cent to five per cent without ITC and 12 per cent with ITC.

For farmers, tax on items like drip irrigation systems and fertilizer-grade phosphoric acid from 18 percent to 12 percent.

Also exempted legal services provided to government.

Reverse charge is a mechanism where the recipient of the good or service will have to pay GST, which is otherwise paid by the supplier.

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