GST Council to examine sectoral issues in August 5 meet

GST Council meet in August 5

The Goods and Services Tax Council could take up at its next meeting taxation issues raised by sectoral bodies along with a review of the implementation of the new tax regime, a top official has said.

“Different issues will be coming to the table (at the next council meeting). Things that have been brought to our notice may be on the rules and implementation. Maybe, even on rates,” Central Board of Excise and Customs (CBEC) chairperson Vanaja Sarna told reporters on the sidelines of a Ficci event here on Friday.

The GST Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts, will meet on August 5 to review implementation of the new tax regime. On whether concerns raised by the textile sector will be taken up, she said, “Possibly.” GST is a uniform tax structure that replaces 17 different levies, including excise, service tax and VAT. Some textile traders have been seeking removal of the 5% GST on fabric.

Surat-based traders, who had gone on strike in protest, however, called it off earlier this week. “Whatever issues have been raised… will be taken up (by the council).

When you roll out something as mammoth as GST, I would say you will always find problems or issues probably coming in till six months or a year,” Sarna said. She said the department is keeping track of revenue trends after GST was rolled out on July 1, but the actual position will be known after returns are filed in September.

Source : http://economictimes.indiatimes.com/news/economy/policy/gst-council-to-examine-sectoral-issues-in-august-5-meet/articleshow/59705959.cms

items of gst with rates

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