NEW DELHI: The GST Council -governing frame at the Goods and Services Tax (GST) - is meeting for its 24th huddle in New Delhi on Thursday.
The choices that are to be made within the meeting will bear significance since the Finance Minister Arun Jaitley cannot tweak oblique tax charges within the upcoming price range. Hence, the government will look to provide aid in more than a few sectors thru this meeting.
Revenue assortment:
The declining earnings assortment from GST has been a question of shock since the November assortment came at Rs 80,808 crore, an rock bottom since the roll out of the brand new tax regime on July 1. The council is expected to deliberate at the collections up to now ahead of the Union Budget and respective state budgets.
Roll out of e-way bills:
At the last meeting of the GST council on December 16, it had fixed February 1 because the compliance date for inter-state motion of products. An e-way invoice is needed for motion of products value more than Rs 50,000. When items are transported for less than 10 km within a state, the provider or the transporter needn't furnish main points at the GST portal. The e-way invoice mechanism has been presented within the GST regime to plug tax evasion loopholes. Ironing out the implementation of e-way invoice will probably be on schedule within the meeting.
Simplifying bill matching procedure:
The GST council is expected to get rid of a couple of go back paperwork under GST through combining some paperwork. The council would possibly mix the GSTR-1 ,2 and 3 paperwork under one unmarried 'simplified' shape for small buyers and taxpayers eligible under the composition scheme.
Rate cuts:
Some media reviews recommend that a handful of items would possibly see price reduce. The government's push towards clean energy would possibly translate to trimming of charges on e-vehicles. Irrigation apparatus may also see a price reduce, with the finance minister many times stressing on offering aid to the agriculture sector within the upcoming price range.
Real estate:
Bringing actual estate under the ambit of GST has been a long-standing subject of dialogue. The GST council is expected to soak up a presentation to appear into the modalities of the subject.
The Union Minister for Finance and Corporate Affairs, Shri @arunjaitley chairing the 25th GST Council Meeting in N... https://t.co/d2hrtsE97p
— Ministry of Finance (@FinMinIndia) 1516267055000 The choices that are to be made within the meeting will bear significance since the Finance Minister Arun Jaitley cannot tweak oblique tax charges within the upcoming price range. Hence, the government will look to provide aid in more than a few sectors thru this meeting.
Revenue assortment:
The declining earnings assortment from GST has been a question of shock since the November assortment came at Rs 80,808 crore, an rock bottom since the roll out of the brand new tax regime on July 1. The council is expected to deliberate at the collections up to now ahead of the Union Budget and respective state budgets.
Roll out of e-way bills:
At the last meeting of the GST council on December 16, it had fixed February 1 because the compliance date for inter-state motion of products. An e-way invoice is needed for motion of products value more than Rs 50,000. When items are transported for less than 10 km within a state, the provider or the transporter needn't furnish main points at the GST portal. The e-way invoice mechanism has been presented within the GST regime to plug tax evasion loopholes. Ironing out the implementation of e-way invoice will probably be on schedule within the meeting.
Waiting time at checkposts will grow to be a factor of past. #Ewaybill will probably be simple, fast & user friendly. For any quer... https://t.co/8xw21AXkwG
— CBEC (@CBEC_India) 1516268845000 Simplifying bill matching procedure:
The GST council is expected to get rid of a couple of go back paperwork under GST through combining some paperwork. The council would possibly mix the GSTR-1 ,2 and 3 paperwork under one unmarried 'simplified' shape for small buyers and taxpayers eligible under the composition scheme.
Rate cuts:
Some media reviews recommend that a handful of items would possibly see price reduce. The government's push towards clean energy would possibly translate to trimming of charges on e-vehicles. Irrigation apparatus may also see a price reduce, with the finance minister many times stressing on offering aid to the agriculture sector within the upcoming price range.
Real estate:
Bringing actual estate under the ambit of GST has been a long-standing subject of dialogue. The GST council is expected to soak up a presentation to appear into the modalities of the subject.
GST Council meet ahead of budget: What to expect
![GST Council meet ahead of budget: What to expect]()
Reviewed by Kailash
on
January 18, 2018
Rating:
