GST Council slashes rates on 29 items to zero percent

GST Council slashes rates on 29 items to zero percent

New Delhi: The Goods and Services Tax (GST) Council on Thursday decided to slash rates on 29 items, mainly handicrafts, to zero per cent, according to Uttarakhand Finance Minister Prakash Pant.

He also said no decision has been taken on simplification of GST return filing. “After 10 days, another meeting will be held through video-conferencing. The issue will be discussed then,” Pant said coming out of the ongoing 25th GST Council meeting here.

He said rates of 49 other items have been rationalised. Pant also clarified that no decision was taken to bring real estate and petroleum products under the ambit of GST. However, presentations have been made to look into the modalities of the same.

The meeting after a continuous dip in GST revenue collection was reported in the last two months. The GST collection showed a sharp dip to Rs 80,808 crore in November, while it was Rs 94,063 crore in July last year, which is when the reform was launched. The meeting also held special significance as key decisions were expected to come out ahead of the Union Budget, which will be presented on February 1.

Source by indiatimes..


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