The crucial Goods and Services Tax Council meeting on Friday got underway to thrash out issues including a complete review of the 28% rate slab and composition scheme for small businesses and restaurants.
The review of the 28% slab aims to place the number of products in the lower slabs of 18% and 12%. A slew of products such as ceiling fans, cement, automobile components, electrical fittings, sanitary fittings, shaving cream, cases for spectacles, goggles could move to lower brackets.
Composition scheme may be further simplified to ease the transition pain for small and medium enterprises as also restaurants. Besides, filing of returns may be allowed on quarterly basis.
The Council is also likely to take up a proposal to incentivise digital transactions.
Congress-ruled states have called for a complete overhaul of GST and a maximum rate of 18%.
Source : https://economictimes.indiatimes.com/news/economy/policy/gst-council-to-review-28-rate-slab-in-its-meeting-today/articleshow/61587193.cms