The GST Council headed by Finance Minister Arun Jaitley is likely to discuss reducing rates of close to 60 items in its next meeting on October 24 in New Delhi.
The Council, which met in Hyderabad, extended the deadline for filing the first set of returns, a move that will benefit millions of traders who have been struggling to upload invoices in the new tax system’s portal. Apart from discussing the liquidity crunch that the states are going through, the team also discussed the way out for technical glitches on the tax return filing portal GST Network (GSTN).
The Council also decided to constitute a group of ministers (GoM) that would look into the problems traders and taxpayers while using the GSTN portal, the information technology (I-T) backbone of the new tax system.
GSTN is a portal-driven IT backbone created to enable real-time taxpayer registration, filing returns, handle invoices, execute inter-state tax settlements, and connect states for two-way data flow.
Along with these decisions, GST rates of 40 items were brought down keeping in mind the changing time and needs for these products, which included goods such as tamarind, roasted gram, custard powder, dhoop, agarbatti, raincoats and rubber band.
GST has four broad slab structure – 5, 12, 18 and 28% – along with a cess on luxury and demerit goods such as tobacco, pan masala and aerated drinks.
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