New Delhi, Oct 6: A crucial meeting of the all-powerful Good and Services Tax (GST) Council is currently underway in New Delhi. As the Modi government faces massive criticism over various aspects linked to the GST, it may offer some relief to the business fraternity. Last week, during a meeting with Finance Minister Arun Jaitley, industry bodies and exporters urged him to find a way for getting a quicker refund of duties and deferment of filing of GST returns for six months.
HERE’S WHAT TO EXPECT:
- Sources say that the present system of filing GST return every three months may be replaced by a new mechanism which will offer return filing quarterly and annually.Around 60 articles may become cheaper after they are moved to lower slabs.
- Around 60 articles may become cheaper after they are moved to lower slabs. The Council may also defer reverse charge mechanism.
- The Council may also defer reverse charge mechanism.ccording to some reports, GST rates are likely to be cut for luxury goods in the 28% bracket. Air Conditioners may get cheaper by 12%.
- According to some reports, GST rates are likely to be cut for luxury goods in the 28% bracket. Air Conditioners may get cheaper by 12%.
- If rate cuts are announced it is certain to boost spending ahead of Diwali and festive season.
PM Narendra Modi held a meeting with Finance Minister Arun Jaitley and BJP president Amit Shah on Thursday. The state of the economy and steps to revive growth the prime agenda of the meeting, sources said.
