22
Saturday
September 2018
10:48 PM IST
News Headlines
Chekka Chivantha Vaanam: Second trailer released        Golden Globe Race: Indian Navy Officer Abhilash Tomy injured; INS Satpura dispatched for rescue        India Calls Off Talks With Pak, Says "Imran Khan's True Face Exposed"        Indian govt wanted Reliance for Rafale, we didn't have a choice: Ex-French prez Hollande        Wreckage of Captain Cook’s ship found off US coast        Death toll reaches 136 in Tanzania ferry disaster with scores missing        Ravindra Jadeja, Rohit Sharma take India to comprehensive 7-wicket win        Naomi Osaka Eases into WTA Tokyo Event Semi-final        Let the boundaries go away: Pakistani youth sings Jana Gana Mana with full respect        Three kidnapped cops killed by terrorists in Jammu and Kashmir        Freak penne trending with dislikes and trolls        Kannur International Airport: Kerala to be the first state with four international airports        Kim, Moon join hands on peak of sacred North Korean volcano        Birthday boy Rashid stars in Afghanistan's 136-run win against Bangladesh        Shahbaz Nadeem claims eight wickets; breaks List A world record        CAT 2018: Registration extended to Sept 26; Admit card to Release on Oct 24        BAI distributes 1.6 crore to state Association        Rodrigues, Yadav help Indian women take 1-0 lead in T20 series        Sensex recovers over 100 points on value-buying, global cues        Deepak Kapoor Appointed the new Chairperson of Save the Children        
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Main News
200 Items May Get Cheaper, GST Council Set To Announce Big Tax Cut Today
 
(NEW DELHI, Nov 10, 2017):Weeks after Revenue Secretary Hasmukh Adhia called for a complete overhaul of the tax rates, it has been reported that the GST Council is likely to cut taxes on 80 per cent items of the highest 28 per cent tax slab. The Council is scheduled to meet tomorrow (Friday) in Guwahati, Assam. Bihar Deputy Chief Minister and GST member Sushil Kumar Modi on Wednesday said that out of 227 items falling in highest tax slab is likely to be reduced from 28 per cent to 18 per cent in the upcoming Council meet. "The GST fitment committee has also recommended reducing tax rates from 18 per cent to 12 per cent on a number of goods," Modi said.

Sushil Modi is not the only person to suggest the possible tax cut. Finance Minister Arun Jaitley had also hinted at bringing down the number of products in 28 per cent GST slab. While speaking at India Today Conclave earlier this week, the Finance Minister said that some of the items should never have been in the 28 per cent slab. "We have been gradually bringing them down. The whole idea is, as your revenue collections neutralise we must prune it and that is the pattern in which the Council has so far been functioning. I see that as a future guide as far as the Council is concerned," Jaitley had said.

The GST Council in the last 3-4 meetings has slashed rates on over 100 items. According to the reports, the Council may slash taxes on certain common use items such as handmade furniture, plastic products and daily use items like shampoo. There have been demands for lowering tax on wooden furniture as it is mostly handmade by unorganised sector artisans, with the middle class as the primary consumers. Other items in the same tax basket include shower baths, sinks, wash basins, bidets, lavatory pans, seats and covers, flushing cisterns and similar sanitary ware of plastics.

Earlier in October, Revenue Secretary Hasmukh Adhia had advocated for a complete overhaul of the tax rates under the GST regime. In an interview to PTI, Revenue Secretary said: "There is a complete overhauling that is required. It is possible that some items in the same chapter are divided. There is a need for harmonisation of items chapter wise and wherever we find there is a big burden on small and medium businesses and on common man, if we bring them down, there will be a better compliance." He, however, said the overhauling would require some calculations by the fitment committee, which will decide which items need a rationalisation of rate under the GST.

Apart from bringing down the taxes, the GST Council may also take call on incentivising digital transactions for both customers and traders to boost digital payments in the country. The GST Council is also working on making return filing smoother for traders and it is expected that in next Council meet the GoM may recommend filing of only the summary return form - GSTR3B. Currently, traders have to file returns in GSTR1, GSTR2 and GSTR3 along with one annual return.

Ever since the new tax regime came into being, the GST Council has reworked various provisions to make it more industry friendly. The turnover threshold for composition scheme, under which businesses can pay taxes at a nominal rate, has been hiked to Rs 1 crore, from Rs 75 lakh earlier.
Items likely to see slash in tax rates are those used in every households, including sanitary ware, suitcase, wall paper, plywood, stationery articles, watch, play instruments, among others, said Modi, who heads a five-member Group of Ministers (GoM) to monitor technology-related implementation issues of the GST.
The objective behind lowering tax on these items falling in top slab is to give more relief to the small businessmen and consumers, he added.

Modi, who also holds portfolios of finance and commercial taxes in Bihar, said that he would raise the issues of giving more relief to small taxpayers (businessmen) at the Guwahati GST council meeting.
He said that he has held three separate meetings in past 10 days with the representatives of various trade and business bodies from different districts.

On the basis of opinion and suggestions received from various businessmen, trade representatives, the Bihar Deputy Chief Minister said he would raise the issue of simplifying HSN (Harmonized System of Nomenclature) code, invoice matching, filing of returns at the meeting.

Modi said he would also raise the issue of filing of quarterly returns for all businessmen, reducing late fee for delay in filing returns from Rs 200 per day to Rs 50 per day besides the issue of bills generated for common consumers must include GST in Maximum Retail Price (MRP) itself.


Golden Globe Race: Indian Navy Officer Abhilash Tomy injured; INS Satpura dispatched for rescue
Cabinet clears ordinance to make triple talaq penal offence Law Minister
Goa Cong MLAs to meet Governor to seek dismissal of Parrikar govt
Court summons Lalu, others as accused in IRCTC money laundering case
SC awards Rs 50 lakh compensation to space scientist Nambi Narayanan in ISRO espionage case
Met Finance Minister Before Leaving Country, Says Vijay Mallya
Worried About Rupee Drop, India Considers Tapping NRI Wealth
SC dismisses plea to ban book 'Meesha', says craftsmanship of writer deserves to be respected
Modi blames UPA govt for bad loan mess, says every penny will be recovered
Activist's letter spoke of "Rajiv Gandhi-like" event: Police
PM owes people answer on why he inflicted demonetisation wound: Rahul
Rahul flays Centre for not providing adequate aid to flood-hit Kerala
Activists arrested in police raids in five states over alleged Maoist links
India, Pakistan to resume talks on Indus Waters Treaty in Lahore this week
Ambani asks Cong leaders to 'cease & desist' from speaking on Rafale; Party says won't be cowed down
Centre to Supreme Court: ‘Decision taken to reduce Mullaperiyar water level’
Former PM Atal Bihari Vajpayee
Half of Kerala reels under floods as 29 die, 54,000 are homeless
Idukki dam: All five shutters opened
Rains claim 26 lives in Kerala; Scores of dams opened
KERALA NEWS
Kannur International Airport: Kerala to be the first state with four international airports
 Malappuram: With Kannur International Airport becoming operational, Kerala will be the first state i  
Bar bribery case: Court dismisses the vigilance report
State Kalolsavam to be held in December
Actor Captain Raju passes away at 68
INTERNATIONAL NEWS
Wreckage of Captain Cook’s ship found off US coast
 (Sydney, Sep 21, 2018):The Endeavour set off from England in 1768 and traversed a world that
Death toll reaches 136 in Tanzania ferry disaster with scores missing
Kim, Moon join hands on peak of sacred North Korean volcano
Palestinian schools strive to modernize classrooms
NATIONAL NEWS
India Calls Off Talks With Pak, Says "Imran Khan's True Face Exposed"
 (New Delhi, Sep 21, 2018):Within 24 hours of announcing that the Indian and Pakistani foreign
Indian govt wanted Reliance for Rafale, we didn't have a choice: Ex-French prez Hollande
Let the boundaries go away: Pakistani youth sings Jana Gana Mana with full respect
Three kidnapped cops killed by terrorists in Jammu and Kashmir
Untitled Page
Rashtra Deepika LTD
Copyright @ 2018 , Rashtra Deepika Ltd.