GST Council Meet: Return Filing, Refund Process Review On The Cards

The Goods and Services Tax (GST) Council, India’s apex authority on indirect taxes, is scheduled to meet tomorrow (22 December 2018) and is likely to discuss reducing tax rates on a wide range of products like cement and tyres, reports Business Standard. Also, ease of filing returns and refund processes are to be reviewed.

While the meeting of officials from the state and central governments is underway today (21 December), the finance ministers will assemble tomorrow.

On December 2018, PM Modi had stated that his government was “ working towards a position where 99 per cent things will attract the sub-18 per cent GST.” He added, “only 0.5 to 1 per cent of the items — luxury goods such as aircraft, cigarettes, alcohol and SUVs — will be taxed at 28 per cent.”

However some analysts have voiced a note of caution against the move. M S Mani, partner, Deloitte India, said: “The move would surely herald the movement to fewer rates in future, but then there might be headwinds in revenue collections. The overall collections would reduce in the short term, but lead to tax rationalisation on the one hand and fewer disputes on the other.”

The GST Council, a constitutional body, works under the Chairmanship of the Union Finance Minister, currently Arun Jaitley. The Union Revenue Secretary is the ex-officio Secretary to the Council.

Also Read: Latest GST Cuts Mark Attitudinal Shift From Bird-In-Hand To Two-In-The-Bush