Posted 18/01/2018 in Category 1

GST rates: handicrafts GST revised to zero per cent. Also reduced 29 other items, SUV s to cost less

GST rates: handicrafts GST revised to zero per cent. Also reduced 29 other items, SUV s to cost less

GST rates: handicrafts GST revised to zero per cent. Also reduced 29 other items, SUV s to cost less! The Goods and Services Tax (GST) was rolled out from July 1, 2017 by subsuming most of the Central and State indirect taxes into a single tax. But, crude oil, natural gas, diesel, petrol and ATF have not been included in the ambit of GST as of now. 


After the meeting, Uttarakhand Finance Minister Prakash Pant said that currently no decision has been taken on simplification of GST return filing. 


"After 10 days, another meeting will be held through video-conferencing. The issue will be discussed then," Pant said coming out of the meeting. 


The minister informed that the rates of 49 other items have also been rationalised. 


The new rates would be effective from January 25. 


The Council, in its 25th meeting today, also discussed process to make return filing simpler with just one return to be filed every month. 


Infosys non-executive chairman Nandan Nilekani made a presentation on simplification of the return filing process. The Council discussed the possibility of retaining only GSTR- 3B or initial sales return, while mandating sellers to upload their invoices. 


Jaitley said the GSTR-3B and the invoices can be matched by tax officers; and in case of difference, at a later stage businesses can be asked to explained. 


"It was finally culminating into filing 3B returns and supplier invoice, which would be adequate," he said, adding that the Bihar Deputy Chief Minister Sushil Modi, GSTN chairman Ajay Bhusan Pandey and Nilekani would formalise the structure and a final decision would be taken at the next meeting of the Council. 


Asked if filing only one return is the way forward, he said "that seems to be the course". 


Businesses at present have to file GSTR-3B as well as GSTR-1, which is the final invoice wise sales returns. 


Jaitley said the next meeting may also consider bringing items that are currently in GST within the new tax regime. 


The Goods and Services Tax (GST) was rolled out from July 1, 2017 by subsuming most of the Central and State indirect taxes into a single tax. But, crude oil, natural gas, diesel, petrol and ATF have not been included in the ambit of GST as of now. 


Note:gst rates, indyapages blog, indyapages business news, handicraft items,

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