GST Council may slash rates on 29 items to zero per cent : Uttarakhand FM
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GST Council may slash rates on 29 items to zero per cent : Uttarakhand FM

9 news, 4

While no decision has been made yet on the simplification of filing of return, the GST Council has decided to reduce tax on 29 items to zero percent. Taxes on another 49 items in the 12 and 18 percent brackets have been rationalised.

The GST Council held its 25th meeting on the Goods and Services Tax (GST) in Delhi on Thursday.

At the press conference post the meet, Finance Minister Arun Jaitley said the members of the council discussed about the simplification of return filing with Infosys' Nandan Nilekani.

Jaitley added that a new model was discussed as per which initially 3B Return will be continued and suppliers may continue to load invoices manually. The Council will hold video conference in 10 days to finalise simpler GST filing.

Uttarakhand Finance Minister Prakash Pant said that GST Council has reduced rates on agriculture products and other goods falling under 12 percent and 18 percent, whereas rates on 29 handicraft items have been cut to zero percent.

Jammu and Kashmir finance minister Haseeb Drabu told CNBC-TV18, "Nandan Nilekani made a presentation to the GST Council and suggested that invoice matching needs to happen at the level of the buyer and seller and that GST should be a part of business process."

He further added that Rs 35,000 crore of the revenue collected under IGST will be distributed among Centre and states shortly.

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