GST on 29 Items cut to Zero Percent as per council meet

Finance minister Arun Jaitley had nothing impressive to say after the GST council meet and GST Council did not finalise anything on simplification of GST returns today. Arun Jaitley said that GST rates for another 49 items have been rationalized and discussed the simplification of return filing process in the meeting, Nandan Nilekani gave a detailed presentation on simplifying return filing process.

To strengthen the GST new implementation of E-way bill will be an important anti-evasion measure. FM also said that new rates for 29 handicraft goods, 53 services categories will come into force from January 25. GST Council will hopefully approve the alternate return system in next meeting. The revised #GST rates will be applicable from January 25.

Main features of the today’s meeting.

  • Uttarakhand FM said that GST on 29 items reduced.
  • 53 categories also under consideration
  • A video conference will be held to explain the simplification in 10 days
  • GST on real estate not discussed 
  • GST on petroleum also not discussed 
  • GST rates have also been reduced in few agricultural products. 
  • The GST Council also discussed how buyers should upload purchases invoices, and the sellers should upload sale invoices.
  •  Collection under composite scheme only Rs 307 crore.
  • The fitment committee will fix the rates for about 40 handicraft items. 
  •  A few more items may be added to the list.