GST Council Meet To Reduce Rates On Some Common Usage Items Today

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    Since its inception, the GST Council is scheduled to have its 21st meeting today at Hyderabad. The Council, headed by the finance minister Arun Jaitley along with state finance ministers, will primarily look on matters that include fixation of quantum of cess hike on luxury goods including cars, SUVs. Tax anomalies concerning some two dozen common usage items shall also be discussed upon. It is expected that tax rates of these items which include idli/dosa batter, custard powder, dried tamarind and kitchen gas lighters is likely to come down.

    GST Council Meet To Reduce Rates On Some Common Usage Items Today

    Also, the Council will work on devising a way to deal with enterprises which are deregistering their brands in order to avoid taxes under the new GST. As per the GST taxation rules, unbranded food items are exempt from GST tax net whereas branded and packaged food attracts 5% tax. The committee set up for the purpose of overseeing the issue has proposed to consider May 15, 2017 as the cut off date for considering the brand as registered to be eligible for GST pay-out.

    "Our (Telangana) government is going to raise the issue of tax concession for government projects, besides other subjects such as concession for beedi and granite industries, among others", Somesh Kumar, state principal secretary (revenue) said.

    The hike on cess which in the previous meet was approved at up to 25% for mid- and large-sized cars, SUVs, hybrid and luxury ones shall also be finalized today. This shall come up even though auto companies are demanding deferment of cess hike

    Also,, the return filing date for GSTR-1 has been extended in view of the high rush for invoice uploading to September 10. Various other issues of traders and businesses confronted after the nationwide implementation of GST shall also be put forth in the meet today.

    Goodreturns.in

    Story first published: Saturday, September 9, 2017, 12:37 [IST]
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