Goods and Service Tax Council on Saturday will meet to discuss and revise rates and put its prime focus on revising rates for agriculture as well as agricultural services including garment job works and warehousing.
The Council led by Finance Minister Arun Jaitley shll also take stock of the situation after nationwide implementation of the landmark GST indirect tax reform. Further crucial issues such as those concerning e-way or electronic way bill in addition to operation of anti-profiteering clause shall be settled.
In addition demands of other sectors shall also be revisited that include textile and other sectors. Though agriculture will be the main focus of the main government, rates on ribbon, gas stoves shall also be discussed on in the meet.
E-way bill rules shall remain the main priority of the scheduled meet. In respect of the e-way bill an official said, "The limit of Rs 50,000 is likely to be raised". For ferrying goods worth over Rs. 50,000 will call for obtaining e-way bill by registering for the consignment at a prior time. For the generation of the e-way bill, both the transporter and supplier will need to provide details on the GSTN portal and that will led to the generation of EBN or e-way bill number. The government is of the view that certain items that are kept outside the purview of GST should not be included in the e-way bill.
Further, demands of textile industry for the roll-back of 5% GST on fabric shall be revisited.Nonetheless, Arun Jaitley in this respect said "Nil GST on fabrics will break the input tax credit chain and then the garments/made ups manufacturers will not be able to get the credit of tax on previous stages".
"Generally, the GST rates are equal or lower than the pre-GST tax incidence. And therefore, the price of fabrics is not likely to go up," Jaitley had said.