Powerd By SAG INFOTECH
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The GST Council, in its 29th GST meeting on Saturday, is likely to discuss the proposal to remove the CGST (central goods and services tax) levy on small businesses with annual turnover of up to Rs 1.5 crore.
The much-awaited Goods and Services Tax Appellate Tribunal (GST-AT) has been given approval from the GST Council. The GST-AT will be set up in the form of a higher judicial forum which is going to look into the redressal disputes of businesses under the new Goods and Services Tax regime.
In the recent 28th GST council meeting, the council has approved a simplified GST return filing form in which it has given the basic principles of the latest return form design.
In the upcoming 29th GST council meeting to be held on 4th August, the government is set to offer multiple benefits to the small businessman and taxpayer under the GST.
Finally, the GST council has provided some relief to the hospitality industry through the decision taken in the recent 28th GST council meeting held on 21st July.
The 29th GST council meeting has discussed various significant issues related to the MSME sector. The small industries are continuously approaching the finance ministry for the resolution of their issues which has been discussed in the GST council meeting.
The next GST Council meeting is going to take place on July 21. A proposal is about to come in front of GST council considering the establishment of the National Appellate Tribunal in Delhi
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.
