04th Aug :-Today will be the 29th meeting of GST Council headed by Union Finance Minister Piyush Goyal. There may be many big decisions in the interest of small businessmen in this meeting. Apart from this, decision on cashback on digital payments is also possible.
At the same time, it is possible to discuss the issue of bringing gasoline and diesel into the realm of GST during the meeting. However, Deputy Chief Minister of Bihar and member of GST Council Sushil Modi has said that the government will consider bringing petroleum products under GST only when the monthly target of Revenue will exceed Rs 1 lakh crore. But after the rise in the GST collection in July the expectation of discussion has increased.
GST collection increased in July
Let me tell you that in the month of July, GST collection has increased in comparison to June. Recently, according to the figures released by the government, the tax of Rs 96,483 crore came under GST in July. Last month it was Rs 95,610 crore. Central GST’s stake in GST collection is 15,877 crores. At the same time, talking about state GST, it has been a total of Rs 22,293 crore this month.
Integrated GST was Rs 49,951 crore and the government received Rs 8,362 crore from CES. It includes ces from 794 million imported. Thus, the GST Revenue target is approaching one lakh crore. In the budget of fiscal year 2018-19, the government had set a target of Rs.1.15 lakh crores of GST collection every month.
These issues are also discussed on possible
Apart from these issues, it is possible to consider the rates of GST on Advance Payment. Services can be brought under composition scheme. While there is a possibility of applying the lowest tax slab of 5% on the jobwork. Apart from this, a decision on reducing the GST rate on biscuits, rice, utensils, roasted gram, porridge may also be decided. Let us say that this is the second meeting of GST Council headed by Finance Minister Piyush Goyal.
Earlier, in the 28th meeting of the GST Council, decisions were taken on many issues. The biggest decision in the meeting was taken with sanitary napkins. The sanitary napkins placed in the 12 percent GST slab were tax-free. On the other hand, 17 items of domestic use were removed from 28 percent GST slab. These include items like washing machines, fridges, TVs (up to 25 inches), video games, vacuum cleaners, trailers, juice mixers, grinders, showers and hair dryer, water coolers, lithian ion batteries, electronic iron (press).
In this meeting, GST Council took a big decision for businessmen too. According to this, traders with turnover of up to Rs 5 crores will not be required to file returns every month. The Council has approved the filling of quarterly returns for them. Although tax payouts will be monthly. This gives relief to about 93 percent of traders. At the same time, the Council simplified the return filing process for the businessmen. Although earlier the filing of the return filing was improved, the complaints of traders were coming in spite of this.