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Paint, cement, marble, tiles and digital camera may be cheap; GST council can take decision on July 21

Tuesday - July 3, 2018 4:46 pm , Category : WTN SPECIAL

There may be inclusion of natural gas and air fuel ATF in GST

JULY 03 (WTN) – In the world's largest democracy India, one year of GST on July 01 has been completed. After the first anniversary of GST, an important meeting of GST council is going to be held on July 21. Before this, the meeting of officers will be held on Friday 20 July for preparations to the GST council meeting. According to the information, it is believed that there will be many important announcements about GST at the GST council meeting on July 21.

According to information received from the media, GST Council can decide on the inclusion of natural gas and air fuel ATF in GST. Finance Secretary Hasmukh Adhia has also said that both of these products would be discussed in the next meeting. For your information, let you know that petrol and diesel will not be included in the GST at present due to state opposition. States believe that revenues from petrol and diesel are an important means of their income.

According to information from the sources, the second major decision in the GST council meeting may be taken that tax on some products, which are under 28 percent GTS slab, is to be reduced. According to information received from the media, the GST Council meeting on 21 July can reduce the rate of tax on paint, cement, marble, tiles and digital camera from 28 percent to 18 percent. For your information, let you know that in the GST council meeting on November 10, rates were reduced on 178 products. According to the information, now there are 50 products under 28 percent of GST slab.

GST's law review committee has suggested that the tax payer should have a single registration across India. Also, removing the condition to match returns for input tax credit is also suggested by GST's law review committee. It is believed that GST council can also simplify the return process.
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