GST Rates reduces on 29 goods, 53 services-Finance Minister Arun Jaitley

20 January, 2018, 08:10 | Author: Sheri Evans
  • Real estate

The Council, in its 25th meeting today, also discussed process to make return filing simpler with just one return to be filed every month.

29 Handicraft items have been put in 0% slab. "The Council has also recommended issuance of certain clarifications on issues relating to GST rates and taxability of certain goods and services", a report by Ministry of Finance read. The collections fell after the Council cut rates on as many as 178 items.

This would drastically reduce the compliance burden on the tax payers as they will have to file 12 returns a year instead of 37 returns now.

The government is waiting for the e-way Bill to come into effect all over the country from February 1, for inter-state movement of goods.

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Goods such as bio-diesel, packaged drinking water, drip, irrigation system, bio-pesticides will now be cheaper after GST rate cut to 12% from 18%.

The Minister said that the tax collections from businesses, who opt for composition scheme was a matter of concern as from 17 lakh businesses opting for the scheme a cumulative tax of Rs.307 crore has been collected in the first quarter. GST rate applicable on tailoring service has been reduced to 5 per cent, which was earlier 18 per cent.

"A senior government official told the business daily that Nilekani said in his presentation: ".The onus of matching invoices will fall on the supplier and buyer rather than on the GSTN.

Jaitley said the decisions on changing the tax rates were taken on the recommendations of the fitment committee and the changes will come into force from January 25.

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The council also decided that 3B returns filing will continue and suppliers can continue to load their invoices. In many cases like works contract services or used motor vehicles the reduction of rate might have been due to restriction of input credit.

GST on buses for use in public transport, which exclusively run on bio-fuels, to be reduced from 28 per cent to 18 per cent.

The Council has stated that GST on LPG supplied for supply to household domestic consumers by private LPG distributors will be 5 percent now from 18 percent. Services like education admission, the conduct of examinations, entrance fees for entrance examinations and transportation of students up to higher secondary schools.

The panel also revised GST rates for 53 services categories.

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Within services, whose exact details are still not out, some interesting GST reductions have been proposed. The entire amount charged by them from patients, including the retention money and fee/payments made to doctors and others, is towards healthcare services provided by the hospitals to patients, and is exempt from GST.

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