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GST Council Meeting on June 11 For Reviewing GST Rates

GST Council Meeting for Reviewing GST Rates

The GST Council would meet up on June 11 to review GST rates on which the industry has expressed concerns. The Council would also be amending the draft rules in the meeting. Finance Minister, Arun Jaitley would will chair the 16th meeting of the Council which most likely would be the last before GST roll-out on July 1.

The main agenda for the meeting has been confirmed as approval of amendments pertaining to drafting of GST rules and rate adjustment based on requests for reviewing by various trade and industry associations.

Several industry trade associations have sought a review of GST rates since the tax incidence under GST is being computed as much higher that the present level of tax incidence levied. The telecom sector is seeking a lower GST rate as they have been placed under the 18% tax bracket. IT hardware firms want a uniform GST rate of 18% for IT products since printers and monitors have been bracketed in 28% rate slab.

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