21st GST Council meeting Highlights

arunjaitelyThe 21st GST Council meeting Chaired by Finance Minister Arun Jaitley, held at HICC in Hyderabad.

Union Finance Minister Arun Jaitley addressed the media after GST Council meet in Hyderabad.

He said Important issues discussed at GST Council was including progress of implementation of GST. GST Council has decided to appoint a committee to interact with GSTN to ensure smooth transformation.The expiry date for filing of GST returns which was to be expired tomorrow has been extended till October 10. GST tax payers with over Rs 100 crore can file returns by 3rd October and remain until 10th October.

The expiry date for filing of GST returns which was to be expired tomorrow has been extended till October 10. GST tax payers with over Rs 100 crore can file returns by 3rd October and the remaining tax payer by 10th October.

The rate of GST about 30 items was in higher rate category. Included tamarind, Agarbatti, plastic rain coats. These should be changed. A Fitment committee has recommended a reduction of GST on certain handicrafts due to employment generation it has.

The Overall GST collection has been robust so far. The figure of approx Rs.95.000 cr (tax collection) for July. Some spill over of VAT collection of June paid in July will also be added.

No additional burden on small cars. Cess on mid-segment cars increased by 2%, on large cars by 5% and on SUVs by 7%.

GST Council reviewed the functioning of GST Network which on 2 or 3 occasions got overloaded. These are transient challenges, has been rectified. Council decided to appoint a committee of ministers which will continuously interact with GST Network to ensure smooth transformation.