Briefing reporters after the GST Council meeting on Saturday, Finance Minister Arun Jaitley had said that builders can adjust some portion of the 12 percent GST against the taxes paid on inputs like cement which attract 28 percent levy. Several BJP state government were quick to announce loan waivers following the new Congress chief ministers' announcements. With this, only 28 goods are left in the highest 28 per cent tax bracket. "States were compensated Rs 48,000 crore for the losses incurred due to GST", the finance minister said.
Currently, businesses with a turnover of up to Rs 20 lakh are exempted from Goods and Services Tax (GST).
The meeting, chaired by Union Minister Arun Jaitley, moved six items from the 28% tax bracket to 18%, PTI reported.
The GST Council chose to amend GST act to allow creation of a Centralised Appellate Authority for Advance Ruling (AAAR) to deal with cases of conflicting decisions by two or more State Appellate Advance Ruling Authorities on the same issue.
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The Kerala government's decision to oppose the Centre's move to increase GST rates for lottery, doing away with the distinction between lotteries run by the state and by private firms, could expose the BJP's reduced influence in the GST Council. Air conditioners, dishwashers are also in this segment, so also 13 items of automobile parts, 8 items of the cement industry.
GST rate on cinema tickets above Rs. 100 shall be reduced from 28% to 18% and on cinema tickets upto Rs. 100 from 18% to 12%.
The study would include the underlying reasons for deviation from the revenue collection targets vis a vis original assumptions discussed during the design of GST system, its implementation and related structural issues.
- 33 items have come down from 18% to 12% & 5% as they are common man's consumption goods.
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"The GST Council's decision to reduce the GST rates of certain items is a step towards keeping the indirect taxes rates at moderate level".
The GST Council has also made a decision to set up a centralised Authority for Advance Ruling to hear those cases in which two divergent verdicts have been passed by AARs of two different states.
At present, GST is not be levied on buyers of real estate properties for which completion certificate is issued at the time of sale. "Procedural simplifications by the GST Council are significant and will ensure that rulings will be uniform across states, thus reducing litigation", CII Director General Chandrajit Banerjee said. It will mandatory will be implemented from July 1, 2019. Except for 34 items, all other will come down to 18% and below, " Narayanasamy said.
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