GST rates revision next on cards, Council may consider 70 items for cut

GST rates

With Union Budget round the corner, the Goods and Services Tax (GST) Council is expected to take up rationalisation of rates of about 70 items, of which minimum of 40 are services. Amendment in rules might be taken into consideration to simplify filing and fill in some of the loopholes.

A fitment committee of officers has made these recommendations to the Council, which will meet on Thursday. With the aim to boost struggling agriculture and rural economy, and encourage clean energy, the Council is expected to rationalise rates of agriculture implements and unconventional fuel buses.

It is the last Council meeting before Finance Minister Arun Jaitley presents his last full Budget on 1 February, before general elections in 2019. “Around 40 to 50 services will be taken up for a rate revision in the Council meeting.

These are services that were earlier exempt but were taxed under the GST regime. They are facing issues,” said a government official. Agriculture implements that are currently taxed up to 18 per cent may come under the 12 per cent or the 5 per cent bracket.

Business News,Business Breaking News,, Arun Jaitley, Finance Minister, Goods and Services Tax, GST

With Union Budget round the corner, the Goods and Services Tax (GST) Council is expected to take up rationalisation of rates of about 70 items, of which minimum of 40 are services. Amendment in rules might be taken into consideration…