A crucial meeting of the Goods and Services Tax (GST) Council took place on Saturday to discuss key issues relating to implementation of the new tax regime. Chaired by Finance Minister Arun Jaitley, the 21st meeting of the GST Council was attended by finance ministers of states and GST Secretariat officials. After the second review meeting post the Goods and Services Tax roll out, Finance Minister Arun Jaitley briefed media about the GST council meeting.
Below are the key highlights from the GST council meeting.
- Artisans with turnover of up to Rs 20 lakh exempt from registration under GST.
- Last date for filing of sales return or GSTR-1 extended by a month to October 10, 2017.
- FM Arun Jaitley says overall GST collection robust with over 70 percent of eligible taxpayers filing returns of about Rs 95,000 crore.
- GST rate on about 30 items like roasted gram, idli/dosa batter, oilcakes, raincoats, rubber bands reduced.
- Jaitley says 5 percent GST will have to be paid by firms having registered trademark on May 15, 2017 for commodities.
- Khadi sold through KVIC stores to be exempted from GST; no additional burden on small cars will be levied by way of additional cess.
- Small petrol, diesel and hybrid cars to see no cess hike; mid-segment cars to attract 2 percent additional cess, large size cars 5 percent and SUV 7 percent.
- Jaitley said- “the portal did face technical glitches on two-three occasions due to overload”.
- GST filing portal encountering increasing technical glitches. The Council has decided to set up a five-member ministerial panel to oversee its functioning and smoothen the process.
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