The changes will be effective from January 25; 15 states to start intra-state e-way bill from February 1
The changes will be effective from January 25; 15 states to start intra-state e-way bill from February 1
To ease the flow of funds for both the Centre and states, the Council also decided to distribute Integrated GST (IGST) of Rs 340 billion equally between them
The GST Council is also considering a 'staggered' system where bigger companies would be allowed to file their taxes first
Handlooms, the lifeline of over 2.7 million households, is also being taxed for the first time in independent India
Chaired by Arun Jaitley, Council is likely to raise sales ceiling for small businesses from Rs 1 crore to Rs 1.5 crore
He tweeted: 'Congress FMs letter exposes structural flaws in design and implementation of GST, govt can no longer duck these issues'
Traders raised this demand as the 23rd meeting of the GST Council started in Guwahati on Thursday
The party said the reduction in the number of slabs and complexity of the GST regime were yet to be addressed
GST Council cuts rates on 27 items, eases compliance burden on small firms; working capital relief for exporters; e-way Bill deferred till April
The meeting comes after Narendra Modi, Amit Shah, and Arun Jaitley huddled together to discuss economic and political issues
Informal sources of working capital (for smaller firms) has dried up
GST Council expected to look at ways to provide relief to exporters in terms of faster refunds as well as compliance
Pradhan's wish to levy indirect tax on petrol unlikely to be taken up
Mid-sized and large luxury cars as well SUVs will now cost more
For Rs 95,000-cr July revenue, Rs 60,000 cr claimed as input tax credit for period before July 1
Suggest setting up of GoM to identify and help address the issues within 2-3 months
GST cess on mid-segment cars has been increased by 2 per cent
GST, the four-tier tax structure of 5, 12, 18 and 28 percent came into force on July 1
Hyderabad, September 8Packaged food items sold under a brand name without a registered trademark may also face goods and services tax (GST) rate of 5 per cent. This is among the issues likely to be taken up at the GST Council meeting on Saturday. Other items on the agenda for the day-long meeting in Hyderabad include re-opening of composition scheme window, hike in cess on cars, correction of anomaly in rates of certain goods.Finance Minister Arun Jaitley is learnt to have assured representatives of branded food companies with registered trademarks that the government will rectify the anomaly in the Council meeting on Saturday. Widening the definition of 'brands' by the Council will end the exemption for a lot of packaged food players who have a logo and a brand name but have not applied for a trademark. The registered trademark players, especially rice companies, which face a 5% GST, have protested against the misuse of provision by certain companies, putting them at a disadvantage. .