- Tag results for GST council meet
The scheme, once implemented, will let customers making payments using Rupay card or BHIM UPI get a cashback of 20 per cent of the total GST amount, subject to a maximum of Rs 100.
New System for filing returns, rationalisation of tax slabs and legal changes of the structure will top the agenda of the GST council meeting but will skip bringing natural gas under ambit of GST.
Finance Minister Arun Jaitley-chaired GST Council will meet on May 4 to discuss a simpler return form and the amendments required in the indirect tax regime rules.
Inter-state e-Way Bill to be rolled out from April 1; Time for GST return filing extended by 3 months
The Council could not decide on a simplified GST return form and entrusted the ministerial panel under Sushil Modi to chalk out a single page form which is simpler and evasion proof.
The GoM under Sushil Modi will look at finalising the simplified return filing system on February 24, which will be then taken up by the GST Council on March 10.
As many as 178 items of daily use were shifted from the top tax bracket of 28 per cent to 18 per cent, while a uniform 5 per cent tax was prescribed for all restaurants, both AC and non-AC.
Friday's meeting is likely to witness the largest shake-up in GST rates since its rollout on July 1.
Om Prakash Dhurve remarked this at a discussion on noteban and GST on Wednesday, ahead of the crucial meeting of the GST Council scheduled to be held on Friday.
The GST Council yesterday raised the composition scheme threshold for businesses to Rs 1 crore, which will allow them to pay a tax of one per cent to five per cent.
The opposition party asserted that the Central Government always rejected Congress' appeal to revise the tax reforms.
Union finance minister Arun Jaitley after chairing the 22nd GST council meet of Friday announced a slew of reforms including change in GST rates of several items.
The minister addressing a press conference after the 22nd GST council meet announced a slew of reforms.
GST Council approves e-way bill, cuts textile job levy; Finance Minister appeals to pass on tax benefits
The Council also gave in-principle approval to anti-profiteering measures and setting up of a Screening Committee to check if tax reductions have been passed on to consumers.
Isaac said some States wanted the GST revenue from the highest tax bracket to be shared in 60:40 ratio with the Centre, instead of the present 50:50 sharing.