Business

GST council, the apex decision making body on Goods and Services Tax (GST), may take important decision

The all powerful GST Council headed by Finance Minister Piyush Goyal will meet on August 4 (Saturday).

As per Zee Media sources the Council also disuses on giving certain refunds on credit growth, hiking threshold limit for registration in the MSME sector. Further, the council may also discuss on making the refund procedure simpler.

New Delhi: GST council, the apex decision making body on Goods and Services Tax (GST), may take important decision relating to taxation matters faced by the micro, small and medium enterprises (MSMEs).

The all powerful GST Council headed by Finance Minister Piyush Goyal will meet on August 4 (Saturday).

As per Zee Media sources the Council also disuses on giving certain refunds on credit growth, hiking threshold limit for registration in the MSME sector. Further, the council may also discuss on making the refund procedure simpler.

Sources further said that business may be able to register for GST from anywhere in the country. Presently businesses can only register in the state in which they carry out their trade.

Through a single GST ID, MSMEs may find it easier to carry out businesses. Sources further said that the Council may also discuss on hiking the turnover limit for MSME sector.

GST revenue mop-up rose to  Rs 96,483 crore in July from 95,610 crore in the previous month. In May 2018, the collections from the GST were Rs 94,016 crore. The total number of GSTR 3B Returns filed for the month of July up to 31st July, 2018 is 66 lakh compared to GSTR 3B Returns filed for the month of June up to 30th June, 2018 was 64.69 lakh.

Among other major discussion, the reconciliation of GSTR return by the income tax returns of the taxpayers will also be on the agenda.

On reduction of rates on items, sources said the council may review the GST rate on biscuits, rice bran, utensils, roasted chana, dried tamarind, instant food items.

In its meeting last month, the GST Council also cut tax rates on 88 items, including footwear, refrigerator, washing machine and small screen TV, while the widely demanded sanitary napkins have been exempted from the levy.

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