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The 28th GST Council Meet scheduled for this 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.
The Central Government might reduce the luxury tax slab of 28% on construction items ahead of the 2019 election. The move will be aimed to stimulate the currently dull construction sector.
The GST Council committee has announced all the decisions taken in the 28th GST council meeting which are very significant issues of the GST.
The annual GSTR forms are expected to roll-out in the upcoming GST council meeting as the finance ministry is working hard to complete it as soon as possible.
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.
After a thorough analysis of GST returns and tax data received so far, the GST Council has started issuing scrutiny notices to businesses who have not paid tax in the line of their final tax returns.
On the back of a dozen of rulings by Authority for Advance Rulings on Central Excise, Customs, and Service Tax matters, the GST council is now preparing to set up Appellate Mechanism in states.
Inspired by the continuous increase in tax compliance ever since the launch of the goods and services tax regime, the GST Council has set the target for GST revenue for the ongoing financial year (FY19) at Rs 12 trillion.
According to the officials, the government is planning to impose the cess on the supply of sugarcane as it will be discussed in the next Goods and Services Tax (GST) Council Meeting.
