1. The Goods and Services Tax (GST) Council today decided to slash rates on more than 175 items, reducing taxes on these from the existing 28 percent in one of the biggest tax reductions since the new system kicked-in from July 1.
The council, which is currently meeting in Guwahati, has decided to cut keep only 50 luxury and ‘sin’ goods like tobacco in the highest slab, paving the way for price cuts in a raft of commonly used goods from furniture to sanitary ware.
2. Daily use products such as shampoo, chocolates, beauty products and construction items such as marble and granite will cease to exit in the 28 percent slab, Bihar Deputy Chief Minister Sushil Modi said today at the sidelines of the 23rd GST Council meeting in Guwahati.
The tax cuts will have a revenue implication of about Rs 20,000 crore.
3. The council is set to approve sweeping changes including simpler procedures, a single return filing form for small firms and several changes to make composition scheme more attractive.
It will also discuss the proposal to do away with the distinction between air-conditioned (AC) and non-air conditioned restaurants (not under composition scheme) and tax them at 12 percent.
4.GST Network today said businesses can now make changes to the forms uploaded on the portal to claim transition credit.
“The facility to revise Form GST TRAN-1 declaration has been introduced on the GST Portal for taxpayers who had already filed it prior to November 9, 2017,” GSTN said in a statement.
5.Kerala FinMin Thomas Isaac bats for the GST list to prune the 12 and 5 percent list as well, along with the pruning of 28 percent list
6.PTI reported yesterday that the GST Council is in favour of expanding the composition scheme. Composition scheme is a scheme which is open manufacturers, restaurants and traders businesses whose turnover does not exceed Rs 1 crore, which was raised at the October 1 meeting. The initial threshold was Rs 75 lakh. Now, the threshold has jumped to Rs 2 crore.
7. The 50 items under the 28% list are likely to be demerit, sin and construction goods
8.GST Council decides to raise composition scheme threshold to Rs 2 crore.
9. GST Council decides rate fir traders and manufacturing under composition at 1%
10. No interstate and input tax credit composition dealers
Stay tuned for more updates.
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