Items May Be Cheaper After GST Council Meet Tomorrow: 10 Points

Items May Be Cheaper After GST Council Meet Tomorrow: 10 Points

This was hinted by Sushil Kumar Modi, the deputy Chief Minister of Bihar who is also the member of GST council.

According to the Newspaper, If possible, we are also looking forward to meeting with the Union finance minister", Joshi added.Indian Chamber of Commerce (ICC) regional director Ishantor Sobhapandit said the business sector's expectation from the 23rd GST Council meeting is that there will be more necessary rectifications so that the new tax regime becomes more "user-friendly."So far as small and medium enterprises are concerned, they are facing lot of difficulties".

Tax rates on 80 percent items of top 28 percent slab are likely to be slashed at the GST Council's 2-day meeting starting in Assam's capital Guwahati on Thursday. "In each of the last three-four meetings (of the GST Council), about 20-30 items were brought down from the 28% slab to the 18% slab".

Also, eating out at hotels, which has room tariff of more than Rs. 7,500, should attract a uniform 18 per cent tax rate instead of any separate category for 5-star hotel, the GoM recommended. The whole idea is, as your revenue collections neutralise we must prune it and that is the pattern in which the Council has so far been functioning. Wooden furniture is mostly handmade by unorganised sector artisans and there have been demands for lowering tax incidence on them.

The GST Council has been meeting every month since the GST rollout on 1 July.

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"Most of the daily-use items like shampoo could be lowered to 18 per cent. Tax rate on items like furniture, electric switches and plastic pipes could be relooked at", an official told PTI.

The minister said that exclusion of electricity, crude oil, petrol, diesel, jet fuel, natural gas and real estate out of GST means that about half of total indirect tax revenue will be out of GST.

Apart from bringing down the taxes, the GST Council may also take call on incentivising digital transactions for both customers and traders to boost digital payments in the country.

With the GST Council reviewing the GST rates on various products and services, there are expectations that prices of various items may come down significantly.

Penalty on delayed GST returns filing could also be reduced to Rs 50 from Rs 100, sources said.

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