GST council- the apex decision making body on Goods and Services Tax (GST) – on Thursday trimmed rates on around 49 items, Uttarakhand finance minister Prakash Pant said, after the council’s 24th meeting held in Delhi. The meeting held special significance as key decisions were expected to come out ahead of the Union Budget, to be presented on February 1.
Pant, who is a member of the GST council, said that 29 handicraft items have been put under the 0 per cent slab.
However the council has not yet finalised on any decision regarding simplifying the process of GST filing, Pant said. The council was expected to do away with multiple return forms under GST by combining some forms. It was expected that GSTR-1 ,2 and 3 forms will be clubbed under one single ‘simplified’ form for small traders and taxpayers eligible under the composition scheme. The council is expected to meet in the next 10 days via video conferencing, to deliberate upon the matter.
Pant also said that no decision has been taken to bring real estate and petroleum products under the ambit of GST. However presentations have been made to look into the modalities.