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19/01/2018 05:42am

New rates for 29 goods and 53 services under GST: Arun Jaitley

image New rates for 29 goods and 53 services under GST: Arun Jaitley

New Delhi, Jan 19 (KNN) With the Goods and Services Tax (GST) Council meeting for the 25th time, the council announced revision of tax rates on over 29 goods and 53 services.

With regard to the issue of bringing petrol, diesel and other items exempted from GST did not appear before the GST Council today, but they might be taken up during the next meeting, Finance Minister Arun Jaitley said during a press interaction after the meeting.

Also Bihar Finance Minister Sushil Modi who is a part of the GST panel said the Council is likely to look at brining the sectors including real estate, electric duty, petroleum products under GST.

The final call will be taken in the upcoming meeting, he informed.

Modi also said that the E-Way bill mechanism is to bring in easy movement of goods along roadways and also help government keep an eye on tax evasion.

With regard to simplifying the filing process, Finance Ministry Jaitley informed that the council is looking towards forming a simpler compliance regime for businesses that will entail a single form or even just a supply invoice.

Also a committee is to look at defining handicrafts and the different items under it into the tax rates.

"One key issue before the council was simplification of the return process," Jaitley said.

"Initially, there will be a GSTR3B and a supplier's invoice. Today it was discussed but not approved but we are moving in that direction”, the Finance Minister added. (With PIB Inputs) (KNN/DA)


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