Recently, the GST council had decided to slash some more tax rates on around 54 services and 29 items in a meeting. Presently, there are 4 GST slab rates namely, 5 percent, 12 percent, 18 percent and 28 percent.
The minister of state for finance Shiv Pratap Shukla mentioned this underworking of GST council which is majorly focused upon the rationalising of GST slab rates. While this significant announcement may follow up in the upcoming meeting of GST council.
Earlier the GST council in its November 2017 meeting slashed 178 items from the highest bracket of 28 percent GST including the reduction of taxes on the premium hotels to 5 percent straight. However, the decision was in some issues still appreciated.
The government along with the support of GST council is also looking through the aspects of small medium enterprises due to fact that it is a significant category of the economy which pushes the economy towards better while improving the quality of exports, employment and manufacturing output.
In the last meeting, the GST council has reduced more than 150 items from the 28 percent GST slab rate and further reduced tax rates on the various services. It was channelled that most of the taxpayers were in trouble filing GST returns and availing input tax credit from the department.
The tax department however made some changes and improvement in the overall GSTN portal but there is still a need for a better solution for GST e-filing and billing tools out in the market.
