Finance Minister, Arun Jaitley, has reached Hyderabad to review the tax on various products. From the common household products to cess hike on luxury cars, all would be taken into consideration.
Here are 6 things that would be in the limelight in the 21st Council Meet of GST:
- Unbranded food items do not attract GST while branded and packaged foods do. This is leading to businessmen flinching from the registration process under GST.
- GST, the biggest tax reform has replaced various state and central taxes. Cars fall in the highest tax slab of 28% with an additional cess ranging from 1% to 25%.
- The quantum of increase in cess for midsized and hybrid cars would be finalised. During the last Council Meet on August 5th, a hike of 25% from 15% was agreed upon which shall be reconsidered.
- Due to heavy traffic on the site for filing of GSTR 3B leading to technical glitches on the portal, the last date of filing the Return had been extended.
- Lowering of taxes on a dozen goods is likely to be considered as they include idli/dosa batter, dried tamarind, custard powder and kitchen gas lighters.
- Various issues of traders and businesses will be raised in the Meeting by the states.
The GST will decide the quantum of increase or decrease in the tax structure of the GST regime and work on the loopholes in the revenue system.