80 Per Cent Of All Goods In 28 Per Cent GST Slab Could Be Brought Into 18 Per Cent Bracket: Report

In its upcoming meeting in Guwahati on 9 and 10 November, the Goods and Services Tax (GST) Council may ease the burden on consumers by bringing nearly 80 per cent of all goods taxed at the highest slab of 28 per cent into the 18 per cent tax category, Nistula Hebbar and Vikas Dhoot of The Hindu have reported.

The GST Council is likely to consider lowering rates on various goods including on many items of daily use at its next meeting later this week, Finance Minister Arun Jaitley had hinted at the India Today Conclave on Tuesday.

According to the daily’s report, the GST Council may also consider a proposal to allow all taxpayers to file their returns on a quarterly basis.

Expansion of the composition scheme that allows small businesses to pay tax at a lower rate on their annual turnover is also on the cards, the report says.

The council may allow inter-state suppliers of goods to join the composition scheme and bring down tax rate for manufacturers and restaurants under the scheme to 1 per cent from 2 per cent and 5 per cent respectively.

A group of ministers headed by Bihar Finance Minister Sushil Modi will present a paper to the council, proposing crucial changes in the return filing process, Money Control has reported. The council may do away with the filing of GSTR1, GSTR2 and GSTR3 to make the process simpler and allow small businesses to file only one summary return form GSTR3B.