GST on 49 items get trimmed, 29 under 0% slab

GST on 49 items get trimmed, 29 under 0% slab

It is proposed to issue notifications giving effect to these recommendations of the Council on 25th January 2018.

It has been decided by the Council that the GST rate on tailoring services will be 5% from the current 18%.

GST on buses for use in public transport, which exclusively run on bio-fuels, to be reduced from 28 per cent to 18 per cent.

There has been a rate cut on diamonds and precious stones from 3 percent to 0.25 percent. Items like confectionery sugar and bio-diesel have also received a tax cut. Since the category is dominated by middle class segment the council was under pressure raise the bar. "No. 36 of exemption notification No. 12/2017-C.T. (Rate) which exempts services of life insurance business provided under life micro insurance product approved by IRDAI upto maximum amount of cover of Rs 50,000", the government said.

The finance minister said that under-reporting of revenue was a concern, especially among those registered under the compliance scheme.

GST on used cars cut to 12%. But the Council announced revised rates on some items which were not significant, sources said.

However, the council did not take any decision on tweaking GST rates for real-estate.

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"The task of compliance has become hard for traders and businesses". It accepted the proposal for GST on services by way of admission to theme parks, water parks, joyrides, merry-go-rounds, go-carting and ballet, from 28 per cent to 18 per cent. The council has stated that the government will lose an estimated Rs 1000 crore from these changes. The Confederation of Indian Industry (CII) said till such time that the five are included in GST, C Form should be continued to avoid high tax incidence on these products. Total collection under the composite scheme till date was only Rs 307 crore, the meeting was told.

The government indicated that the situation was not going to be allowed to continue. But under protest from traders, the government suspended the move till March 31. The Council will also analyse the possible reasons behind the continuous decline in GST collections.

E-way bill system testing continues till January 25, loading will be made must from Feb 1. The matter though was discussed and Nandan Nilekani gave a detailed presentation on the matter, Jaitley said. However, the receiver of the good is eligible for input tax credit, while the unregistered dealer is not.

The next GST Council meeting will be held via video conferencing soon.

But, the next big thing that should happen to the GST is inclusion of real estate and petroleum in the regime.

As a compromise, stamp duty and property tax collections may remain with states while building cess and other levies may be merged with GST. At present, these features are not in force as policy makers wanted to ease compliance burden in initial months.

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

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