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Ahead of Union Budget, GST council being eyed upon to cut rates-revise rules

Updated: Jan 17, 2018 09:24:38am
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Ahead of Union Budget, GST council being eyed upon to cut rates-revise rules

New Delhi, Jan 17 (KNN) With the Union Budget 2018-19 round the corner, the Goods and Services Tax (GST) council is to meet for the 25th time.

Big changes in the GST rates on different items as well as simplification of GST norms is being eyed upon in the upcoming meet by the various stakeholders including industry comprising of Micro, Small and Medium Enterprises (MSMEs).

Also the meeting is an important one provided that the recent revenue trend from the new taxation suffered a blow.

The government was able to scoop over Rs 80,808 crores in GST revenues in November, the figure stands less than the previous figure of Rs 94,063 crore in July.

With regard to possibilities of rate cuts in the upcoming meet Prashant Deshpande, Partner, Deloitte India in a press interview said that while on one hand it may bring in relief to the sectors, on the other hand it may further stress the revenue book of the government.

Also the upcoming meet is to take a call on the different changes proposed by the state and centre panels under the Goods and Services Tax.

Deferment of some of the key features under GST, including reverse charge mechanism (RCM), tax deducted at source (TDS) and tax collected at source (TCS) are some of the concerns that the GST council may address in its meeting.

Goods and Services tax was rolled out in the country on July 1, marking it as one of the biggest tax reforms in the country since independence. (KNN/DA)

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