The 23rd Goods and Services Tax (GST) Council Meeting held in Guwahati on November 9-10, 2017. The meeting sops for digital payment and relief for traders under composition scheme is also expected. Bringing Real estate under GST might also feature on the agenda.
As per an official, tax rates on 80% of 227 items falling in the top slab is likely to be reduced from 28% to 18% in the next GST council meeting. Also, reducing tax rates from 18% to 12% on a number of goods.
To provide a push to digital payments, the GST Council may consider providing incentives in the GST regime for payments that are settled electronically.
Under the proposal, benefits in terms of credit or exemption could be provided within central and state GST to encourage such transactions. In case of the merchant, for instance, get credit for digital payments that can be adjusted against GST liabilities. In case of consumers could be incentivized through lower tax when payments are made digitally.
Another issue that was brought up at the meeting was bringing the real estate sector under GST ambit and cutting down the tax rate on AC restaurants from 18% to 12%.
Further, the council is also likely to consider a proposal by GoM to allow all taxpayers to file their returns on a quarterly basis instead of every month with easier forms to simplify the fledgling indirect tax regime.
Source: Times of India