GST Council to discuss various issues on January 11
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The Goods and Services Tax Council (GST) is scheduled to meet on Thursday (January 11) to deliberate on reasons for the fall in revenue collection, simplification of and other issues.
The tax rate fitment committee may also look into any potential rate changes.
Last time, the council met on December 16, when it approved mandatory compliance of the e-way bill for the inter-state movement from February 1 to curb tax evasion.
GST collections slipped for the second straight month to Rs 80,808 crore in November, down from over Rs 83,000 crore in the previous month.
A ministry official noted that states are getting very vocal about falling revenue, and therefore, have decided to discuss steps needed to boost collection.
As many as 43.67 lakh businesses have filed the initial GSTR-3B returns for the month of October. However, only 56% of the registered taxpayers filed their GSTR-3B returns for October within due date. The government also extended the deadline for filing of GSTR-1 to January 10 as against December 31.
Prior to this, a preparatory meeting of the GST Council's Fitment Committee is scheduled for January 9 to discuss rates and simplification of returns.
Officials are likely to consider recommendations of the panel on returns, handicraft and GST Laws. The council is also likely to consider the validity of handicrafts in the exempted category, and which other products can be placed in this category.
According to the official, certain amendments may be made in the GST Law during the council meeting on January 18.
In its 23rd council meet, the Finance Minister Arun Jaitley led-council slashed GST rates on as many as 178 items. #casansaar (Source - Times Now News)
The tax rate fitment committee may also look into any potential rate changes.
Last time, the council met on December 16, when it approved mandatory compliance of the e-way bill for the inter-state movement from February 1 to curb tax evasion.
GST collections slipped for the second straight month to Rs 80,808 crore in November, down from over Rs 83,000 crore in the previous month.
A ministry official noted that states are getting very vocal about falling revenue, and therefore, have decided to discuss steps needed to boost collection.
As many as 43.67 lakh businesses have filed the initial GSTR-3B returns for the month of October. However, only 56% of the registered taxpayers filed their GSTR-3B returns for October within due date. The government also extended the deadline for filing of GSTR-1 to January 10 as against December 31.
Prior to this, a preparatory meeting of the GST Council's Fitment Committee is scheduled for January 9 to discuss rates and simplification of returns.
Officials are likely to consider recommendations of the panel on returns, handicraft and GST Laws. The council is also likely to consider the validity of handicrafts in the exempted category, and which other products can be placed in this category.
According to the official, certain amendments may be made in the GST Law during the council meeting on January 18.
In its 23rd council meet, the Finance Minister Arun Jaitley led-council slashed GST rates on as many as 178 items. #casansaar (Source - Times Now News)
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