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. Speaking on the simplifying the filing of returns, Finance Minister Arun Jaitley said that Infosys chairman Nandan Nilekani will be meeting all the concerned officials, members of the council to discuss the matter and make the system more productive and easy.
Among other things, the GST Council's fitment committee also rationalised rates on 29 goods items and on 53 service items. NDA government led by Prime Minister Narendra Modi will be presenting its last full-fledged budget on February 1. Jaitley said "We discussed the simplification of return filing process in the meeting". During the 25th meeting held in the Capital on Thursday, Finance Minister hinted at bringing items like petroleum and real estate under GST purview. The meeting also approved a definition for handicrafts and the designation of 40 items as handicrafts.
On the issue of E-Way bills introduction, he said that uploading of inter-sate Eway bills would become necessary after February 1.
GST collections slipped for the second consecutive month from Rs 83, 000 crore to Rs 80,808 crore in November. Also, tax rate on 54 categories of services, including certain job works, tailoring services and admission to theme parks, have been lowered.
- To add, in the GST rate schedule for goods at 28 per cent, actionable claim in the form of a chance to win in betting and gambling including horse racing.
The new rates would be effective from 25 January.
"The discussion was culminating in a direction that, initially there will be a 3B return and there will be a supplier's invoice which could be adequate".
Tamarind kernel powder, mehendi paste in cones and domestic LPG supplied by private distributors will attract a reduced duty of five per cent instead of 18 per cent. The tax rate on bio-diesel has been cut down to 12 per cent from 18 per cent as well.
Manufacture of leather goods and footwear services will now attract a GST of 5%.
The Council has made a decision to exempt the services relating to admission to, or conduct of examination provided to all educational institutions. This has put the government in a tight spot since the budget math this year will be a tricky affair on account of less than expected revenue collections from GST.
Usually, a goods seller or a service provider is liable to pay tax.
- To exempt services by way of fumigation in a warehouse of agricultural produce.