Used Cars To Get Cheaper As GST Council Slashes Rates

Used Cars To Get Cheaper As GST Council Slashes Rates

The Goods and Service Tax (GST) Council has cut down the rates on around 49 items on Thursday, Uttarakhand finance minister Prakash Pant said. This was revealed on Tuesday, two days ahead of the last GST Council meeting before the Union Budget. Also, he confirmed that no decision regarding simplification of GST return filling has been taken.

Further when asked whether petrol, diesel will be brought under GST, Jaitley said the issue is likely to be discussed in the next meeting. Also, all powerful GST Council has not finalized single form return under GST which was the main agenda of meeting.

E-way bill system testing continues till January 25, loading will be made must from Feb 1.

To reduce GST rate on a construction of metro and monorail projects (construction, erection, commissioning or installation of original works) from 18% to 12%. He said 17 lakh entities were registered under the composition scheme but collections had been just Rs 307 crore.

The GST Council has chose to cut rate on 53 services categories including services by way of admission to theme parks, joy rides, water parks, go-carting, merry-go-rounds, and ballet, which will now attract 18% GST from 28%.

Good news for automobile owners and businesses, as the GST slab for old and new automobiles, have been reduced from 28% to 12%.

Once the e-way bill system is implemented, tax avoidance will become extremely hard as the government will have details of all goods above the value of Rs 50,000 moved, and can spot the mismatch if either the supplier or the purchaser does not file tax returns, say experts.

Changes recommended by the GST Council will come into effect from January 25.

Dow rises 133 points on better-than-expected earnings
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Households can now take a huge sigh of relief as the council cut the tax rate on domestic LPG sold by private companies to 5 per cent from 18 per cent. "Consensus appears to be in favour of continuance of summary level filing and invoice level supply filing, in some form, instead of detailed 3 return monthly filing system", Ghosh said.

Since GST rollout in July, government has extended return filing dates many times.

Manufacture of leather goods and footwear services will now attract a GST of 5%.

There has been a rate cut on diamonds and precious stones from 3 percent to 0.25 percent.

Also a committee is to look at defining handicrafts and the different items under it into the tax rates. Five per cent GST will be levied on small housekeeping service providers.

The GST Council clarified that services provided by senior doctors, consultants and technicians hired by the hospitals, whether employees or not, are healthcare services, which is exempt.

- To exempt services by way of fumigation in a warehouse of agricultural produce.

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