The GST Council committee has announced all the decisions taken in the 28th GST council meeting which are very significant issues of the GST.
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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.
The agenda for the 27th meeting of the GST Council on 4th May 2018 has been set. The primary agenda that would occupy a major part of the discussions is the simplification of return filing process.
The GST Council may soon pass on a proposal to allow businesses with zero (nil) tax liability for six continuous months to file GST returns bi-annually.