The Hush Post: GST Council has revised the rates on 29 items and 53 categories of services. This was stated by the Union Finance Minister Arun Jaitley after the council’s meeting held in New Delhi today. The fresh rates are applicable January 25 onwards.
The council has, however, not taken any decision regarding the simplification of the process of GST filing.
To iron out the compliance, the GST Council did consider the idea of registered entities continuing to file the return in GSTR 3B Form at the same time moving to a system where supplier invoice has all the necessary details of the transaction.
The new process would be finalised in the next meeting of the GST Council after a written formulation is circulated to the states, he said. Jaitley also said that inter-state e-way bill will be mandatory from February 1. The GST council also reviewed the revenue collection and the finance minister said that the collection from composition scheme has not been particularly ‘encouraging’. He said that there is a clear case of under-valued declaration.
The GST council did not come to any specific understanding on bringing about petroleum products and real estate under the ambit of GST, however, the issue can be brought into focus and discussed next time round.