28th GST Council Meeting Today : Decisions that may be taken

28th GST Council Meeting

28^th GST Council meeting to be covened through Video Conferencing on 21st July 2018 (Saturday) 

[Ealier the Govt has announced the date of 28^th GST Council meeting to be covened through Video Conferencing on 19th July 2018 (Thursday). ]

The GST Council is scheduled to meet  for a 28th GST council meeting to discuss some of the very important  issues of the GST.

Following are the  issues which may be discussed in 28th GST Council meeting

GST Amendments

GST Amendments Coming Soon .. Changes to include RCM, return filing, refund on exports

GST on Natural GAS

GST Council to discuss bringing natural gas in GST in 28th GST Council meeting:

Reduction in GST Rates

GST Council may reduce GST Rates : MOS Finance:

GST Council may reduce rates on certain items with low revenue impact on July 21,2018

Annual GSTR 9 return

The GSTR 9 annual return form for complete details of annual sales and purchase of the taxpayers business. The GST council is starting to formulate a GST return form which will include almost everything regarding the business turnover of the taxpayer. Thus the Annual return form under GST will have to be sorted out

Discount on Vehicles Older Than 20 Years

The 28th GST Council Meet scheduled for Saturday could make a final call on the Vehicle Scrap Policy. Reportedly, the policy is aimed at giving a major boost to the replacement of commercial vehicles older than 20 years with new ones at minimum GST. Under the scheme, less GST would be levied on the new commercial vehicles which would replace the old ones. On the hindsight, the Government hopes that the policy would indirectly lessen the dependence on imported steel.

The Vehicle Scrap Policy

The Vehicle Scrap Policy has been proposed by the  Ministry of Road and Transportation. Under the proposed scheme, commercial vehicles older than 20 years have to be essentially excluded from the road. The vehicles under consideration would be sold as scrap. To promote the policy, the reduced GST rates could be put into effect.

The Ministry of Finance and the Prime Minister’s Office have given their approval for the policy implementation. It awaits the green signal from the  GST Council post which it would be put into effect. The GST Council would supposedly discuss the proposed GST relaxation on Saturday’s meet.

What happens to the Scrapped Vehicles?

Mr Aruna Sharma, Secretary Central Steel Ministry, in a May event had informed that rules and regulations formulated under this Vehicle Scrap Policy will facilitate production of steel from the older vehicles scraps.

Nitin Gadkari, Union Minister Road Transport and Highways of India,  had said in March that the Policy will be a boon to the country’s economy as it will reduce the reliance on steel industry imports. With this, the government hopes that the country’s steel industry will be able to grow well and better quality steel can be made in the country itself.

Also, a report by CRISIL suggests that the Vehicle Scrap Policy would benefit  6 lakh 40 thousand commercial vehicle owners in the next 3 years.

GST Rate May Come Down To 12 Percent

New Commercial Vehicles attract 28% GST. If the GST Council approves the proposed tax relaxation under the Vehicle Scrap Policy, this luxury tax slab on commercial vehicles would be reduced to 10-12 %.  However, this scheme is valid if only the owners buy new commercial vehicles as a replacement for their 20 years older ones.

AAR (Authority of Advance Ruling) Centralisation

Due to the discrepancies in the decision pronounced by the different authority for advance rulings of different states have come up with the pending issues of a centralised AAR in the position. Recently after multiple cases and judgments against the same issue and scenario now mandates the government to create a centralised and a single point of destination for all the tax-related issues.

28th GST council meeting may come with a solution for the single AAR across the country.

Simplification of GST Returns Filing

There were multiple reports on the technical glitches while filing GST return surfaced at the time of introduction of GST E Way Bill. Also, there were many instances that the GST return filings forms were crashing online and the details were sometimes not matching with the exact data filed up at the time of registration. In the upcoming 28th GST council meeting, it is likely that the committee members will see through the matter within their powers.

Inclusion of Petrol Under GST

Due to high prices of petrol diesel are in talks around the country. The petroleum minister also assured the public that the petrol will soon come under GST and the benefits were opposed by other state ministers and finance ministers. It is rumoured that the inclusion of petrol and diesel under GST will bring the prices of these important fossil fuels under control. The GST council may take this issues up ahead in its upcoming 28th GST council meeting.

Minimum Number of GST Slab Rate

The GST council is also under the pressure to reduce the tax slabs currently mounting over 4 different tax rates. Currently, there is 4 slab rate i.e. 5 percent, 12 percent, 18 percent and the highest 28 percent. However, in the previous meeting of GST council the items included in the 28 percent slab rate were reduced to the lesser number but this time the demand is for a lowered slab rates overall piling it up to 2 or 3 only.

Sugar Cess and Agriculture cess

Agriculture cess on luxury good under GST: Ministerial panel may explore option

GST Council : Free Study Material

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