Interim Finance Minister Piyush Goyal to chair GST Council meet today

Marco Green
July 21, 2018

NEW DELHI:Chaired by Interim Finance Minister Piyush Goyal, the Goods and Services Tax (GST) Council will meet on Saturday for the 28th time to discuss some crucial changes in the new indirect tax regime, including simplified tax return, lowering tax slabs on about 30 odd items and to consider cess on sugar.

Ahead of the Rakshabandhan festival, which celebrates the brother-sister bond, Rakhis have also been exempted from GST.

► Rakhis exempted from GST, tax on ethanol cut to 5%.

With regard to cancellation of GST registration, Goyal said the traders's ID number will be suspended the day he applies for cancellation.

The rate cut applies to footwear, small televisions, water heater, electric ironing machines, refrigerators, lithium ion batteries, hair dryers, vacuum cleaners, food appliances and ethanol, among others.

► GST on handbags, jewellery box, wooden box for paintings, art-ware of glass, stone endeavour, ornamental framed mirrors, handmade lamps etc, reduced to 12%.

Traders with turnover up to Rs 5 crore will have to deposit tax every month but they do not have to file their returns quarterly, the minister added.

They are now taxed at 28 per cent. Minister of Finance Piyush Goyal announced the decision after the 28th meeting of the GST Council.

Goyal said radio-frequency identification tags would soon be linked with the Goods and Services Tax Network in order to reduce the harassment of transporters.

Earlier the matter was highlighted after a plea seeking exemption of sanitary pads from GST had surfaced.

Delhi's Deputy Chief Minister Manish Sisodia, who also handles the Finance portfolio, said many items under the 28 percent slab have been brought down. "Glad that finally GST Council has made this happen".

Amendments such as the omission of liability to pay tax on the reverse charge, enabling new return filing procedures, allowing more service providers to opt for composition scheme, among others has been suggested.The amendments in the Central GST (CGST) Act, 2017 will now have to be cleared by the Cabinet and will ultimately require the Parliament's nod.

Other reports by Click Lancashire

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