Today 22nd GST council meeting New Delhi was held by the Prime Minister of India Mr. Narendra Modi, Amit Shah and the Finance Minister Mr.Arun jaitley. They discussed on the GST and the economy of the country.
According to the sources, an important report regarding GST was submitted to PM Narendra Modi by Amit Shah.
22nd GST council meeting New Delhi:
The passage of the GST Bill was a major success of PM Narendra Modi which has been stuck in parliament for more than a decade.The small companies are rolled out due to the heat of GST where the political consensus is on shocky ground now.
According to the sources, there is a chance that 60 items might get cheaper .Several hiccups are determined in short run during the implementation of GST. The Government should work on the models to help the small and medium companies to operate smoothly .
The financial advisors says that the Government has skipped the cutting tax rate discussion .They simply focused how to straighten out the administrative and procedural issues by the implementation of tax .
The small company owners will have file monthly returns for 3 months instead of every month.The switchover to quarterly filing will happen from the cycle starting 1 October.
GST on khakra and unbranded namkeen ,Tax on zari work, unbranded ayurveda medicine has been reduced from 12 to 5 percent. GST rate on many job work items reduced from 12 percent to 5 percent. GST rate on some stationery items, diesel engine parts also reduced to 18 percent from the earlier 28 percent.
The group of ministers will relook tax on AC restaurants. Eating out is set to become cheaper with the GST council in-principle agreeing to reduce the GST rate from the current 18 percent to 12 percent. The group of ministers will submit its report in 14 days.
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