23rd GST Council Meeting Updates
Amongst the widespread confusion and queries, resistance and allegations and quick twists and monthly amendments, the much awaited 23rd GST Council meeting is already on at the moment in Guwahati and will end tomorrow, 10th November 2017, EOD. As per latest reports, 24 state finance ministers are in the meeting.
The business and industry community has its fingers crossed and the meeting is being seen with high hopes and decisions are taken with a considerate attitude overall.
The 5 member GoM [Group of Ministers] led by Assam Finance Minister Himanta Biswa Sarma will also submit its findings and recommendations about the burning issues and relevant solutions about the lowering the flat tax rate from 1% to .5% for the composite tax payers and also about lowering the GST rates on AC restaurants.
Approximately, 80% of the 227 items in the top slab of 28%, are supposed to be brought a level down to 18% and a couple of products from 18% to 12%. The Council is expected to devise, evaluate and approve ways for simpler and easier GST compliance life cycle with focus on fine tuning and softening the GST provisions meant for the SMBs and the start-ups. Single return filing for smaller entities is also in the agenda. In this meeting the government can also aim at clearing their plans with respect to GST on Real Estate (on Ready to move in houses).
A key decision, which everyone is keen to know about the allowance of inter-state transactions into the composition scheme. Currently, a composite tax payer is bound to operate in intra-state business.
The board will also brainstorm about the negativity and irritation popping up pertaining to the heavy load and so slowness of the GSTN server and related GST portal issues.
Technicalities wrapping the place of supply, valuation and applicability and scope of Input Tax Credit are also on the table.
Keep tuned in for the outpour of the 23rd GST Council Meeting being held in Guwahati.