GST on 49 items get trimmed, 29 under 0% slab

20 January, 2018, 08:08 | Author: Barbara Daniel
  • News digest: Govt cuts extra loans, GST Council meet, Sensex, and more

Also a committee is to look at defining handicrafts and the different items under it into the tax rates. Currently, handicraft is exempted from GST.

The new rates would be effective from 25 January.

The new rates will affect 29 goods and 53 services.

He also said that the Composition Scheme was seriously discussed.

Our predictions have come true, as the GST Council has recommended some major changes related to GST rates, and also proposed to streamline the process of filing GST returns.

The council also decided that 3B returns filing will continue and suppliers can continue to load their invoices.

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 time has come to put in place measures to ensure better compliance". "However, details are still awaited on how this single return will be and the information that will have to be reported", Archit Gupta, CEO of ClearTax said.

With the GST Council taking all decisions with respect to this new indirect tax regime and states getting assured compensation from the centre for revenue losses under GST (calculated assuming 14% growth in tax revenues annually), states are comfortably placed as far as indirect tax revenues are concerned.

- To exempt dollar-denominated services provided by financial intermediaries located in IFSC SEZ, which have been deemed to be outside India under the various regulations by RBI, IRDAI, SEBI or any financial regulatory authority, to a person outside India. In a bid to ease compliance and simplifying procedures, in November, the Council allowed tax assessees to file only two sets of forms-GSTR1 and GSTR 3B.

Now the levy GST on the small housekeeping service providers, was notified under section 9 (5) of GST Act, who provide housekeeping service through eCommerce Operator (ECO) will be 5 per cent without Input Tax Credit (ITC). The "anti-evasion" measure will be in addition to electronic-way bills that will become mandatory from next month. Nearly 15 states have also agreed to put in place an Eway bill system to track inter-state movement of goods.

While a rate cut on several goods and services was given a green signal in the 25th GST council meet, however, there was no decision on including the petroleum products within the ambit of GST.

It has also been chose to exempt from GST subscription of online educational journals/periodicals by educational institutions who provide degree recognised by any law and; services provided by school buses; services of life insurance business provided under life micro insurance product approved by IRDAI up to maximum amount of cover of Rs.50,000. The charge is applicable on a registered dealer, if he buys goods from a dealer not registered under GST.

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