GST Council’s 23rd meeting Live updates

• Posted on Nov 10, 2017
• |
• By Dhruv

Goods and Services Tax (GST) Council meeting is taking place today in Guwahati, Assam. This is the 23rd meeting of the GST Council.

Track here Live Updates of GST Council meeting

10:20 pm: PM Modi added, “Jan Bhagidari is at the core of our working.”

9:46 pm: Following to the new changes in the GST, PM Narendra Modi took to Twitter and said,”The recommendations made by the GST Council today will further benefit our citizens and add strength to the GST.”

7:58 pm: Moving of items out of 28 pct bracket will be effective from November 15: Arun Jaitley.

7:57 pm: Returns Filing Process to be made simpler by making it interactive: Hasmukh Adhia

7:52 pm: All taxpayers to file only GSTR-1 in current year: Hasmukh Adhia

7:51 pm: Have been rationalising the 28% bracket from time to time, says FM Jaitley

7:43 pm: GST on wet grinders, armoured vehicles reduced to 12% from 28%

7:35 pm: If there is a nil return to be filed then late filing penalty will be reduced to Rs 20. For others it has been reduced to Rs 50: Hasmukh Adhia

7:34 pm: FM Jaitley: 2 items have been shifted from 28% to 12% slab.

7:33 pm: Filing of return for 3B will be continued till March. All tax payers will continue to file 3B till March 2018: Hasmukh Adhia, Finance and Revenue Secretary

7:30 pm: FM Jaitley: Sin goods, consumer durables retained in 28% bracket.

7:29 pm: All restaurants in the country to be levied GST of 5%, no ITC benefit to any restaurant: FM Arun Jaitley

7:28 pm: FM Jaitley: Sin goods, consumer durables retained in 28% bracket.

7:25 pm: 13 items moved from 18% to 12%, 6 items from 18% to 5%, 8 items from 12% to 5%, 6 items from 5% to nil: FM Arun Jaitley

7:24 pm: GST on wet grinders, armoured vehicles reduced to 12% from 28%.

7:21 pm: 28% GST now only on 50 items, says FM Jaitley.

7:20 pm: Since GST rollout, every month has seen an increase in revenues, says FM Jaitley

7:19 pm: Have been rationalising the 28% bracket from time to time, says FM Jaitley

7:18 pm: 178 items moved from 28% to 18% GST slab, changes will be applicable from 15 (November)

7:17 pm: Since GST rollout, every month has seen an increase in revenues, says FM Jaitley

7:16 pm: There were 228 goods in the 28% bracket earlier, says FM Jaitley

7:14 pm: Arun Jaitley address media after the GST council meet. He said that GST council has been reviewing rates from time to time.

6:55 pm: Bipin Sapra, Tax Partner, EY India: “While the reduction of rates would substantially reduce the prices of a number of commodities; however the government may need to balance the revenue considerations too.”

6:49 pm: Prashant Deshpande, Partner, Deloitte India: “Keeping only luxury, demerit and sin goods in 28 percent slab is the right decision. A broad base and moderate rate as it is an essential feature of a good tax system. The GST Council and Secretariat should not, in the first place, have gone merely by the revenue neutral rates for each commodity but were expected to arrive at a moderate revenue neutral rate considering the expansion in base, economic conditions and perceived revenue buoyancy. This is now happening in a real sense. The lowering of tax rates on a number of items will require those suppliers who are greeted with reduction in rates to pass on a commensurate benefit by way of lowering of prices. A uniform tax rate of 12 per cent doing away with tax rate distiction between AC and non AC restuarants is welcome; but the critical issue of input tax credit eligibility cannot be ignored.”

6:43 pm: Only 50 luxury items left under 28% tax slab: TV Sources

6:42 pm: GST on 178 items have been slashed from 28% to 18%: GST Council Meet

6:40 pm: Only 5 per cent tax at all restaurants expect 5-star hotels: Sources

6:30 pm: On Friday evening, Rahul Gandhi took on Twitter shared some of his suggestions for the BJP government. Gandhi wrote, “Some Suggestions 1. Correct the fundamental flaw in GST architecture to give India a Genuine Simple Tax. 2. Don’t waste India’s time with lip service. 3. Acknowledge your incompetence, shed your arrogance and listen to the people of India.”

6:20 pm: Railway Minister Piyush Goyal went all praises for the latest decision taken by FM Arun Jaitley by the GST council.

6:08 pm: Veteran BJP leader Yashwant Sinha today launched a fresh attack on the government, saying Finance Minister Arun Jaitley had not applied his mind while rolling out GST and should be removed from his post. Sinha, who served as finance minister in the Atal Bihari Vajpayee government, said demonetisation has not achieved its goal of flushing black money out of the system.

5:42 pm: Delhi deputy chief minister Manish Sisodia, who attended the crucial meeting of the GST Council, said lower tax rates should have been implemented from July 1, when the Goods and Services Tax (GST) was rolled out. “Tax rates should have been set lower from July 1 itself and I have said that 28 per cent tax rate means you are encouraging black marketing,” he said.

5:33 pm: Haryana Finance Minister Capt Abhimanyu said the meetings cannot be related to any election because GST Council is represented by states and the Centre. “The same spirit of unanimity should continue,” he said

5:25 pm: Meanwhile, Karnataka Agriculture Minister Krishna Byre Gowda said the Congress had earlier asked that the GST rate should not be more than 18 per cent but the government went ahead with the five tax rate slabs of 0, 5, 12, 18 and 28 per cent.

5:20 pm: Chidambaram also said that the government avoided debate and voting in Rajya Sabha on GST Bills. Now, they cannot avoid a debate in public domain or in the GST Council.

5:16 pm: Congress leader P Chidambaram today said a “shower of changes” is expected from the GST Council meeting in Guwahati and the “panic-stricken” Modi government has no option but to change the new tax rates.

5:09 pm: The all-powerful council pruned the list of items attracting the top 28 per cent tax rate to just 50 from 227 previously, Modi told reporters here.

4:50 pm: A Group Photo of the Union Finance Minister Shri @arunjaitley with the Finance Ministers & Senior Officers of the different States/UTs on the occasion of 23rd GST Council Meeting in Guwahati, Assam today.

4:40 pm: GST Council decides to keep only 50 items, mostly demerit, sin and luxury goods in top 28% bracket, says Bihar Deputy CM Sushil Modi.

4:30 pm: Union minister Haribhai Parthibhai Chaudhary has said that the performance of the Modi government should be judged only after its five-year term ends, amid strong criticism by opposition parties over demonetisation and GST.

4:08 pm: The GST Council today decided to reduce tax rate on a wide range of mass use items – from chewing gums to detergents — to 18 per cent from current 28 per cent, Bihar Deputy Chief Minister Sushil Kumar Modi said.

3:35 pm: The GST Council today decided to reduce tax rate on a wide range of mass use items – from chewing gums to detergents — to 18 per cent from current 28 per cent, Bihar Deputy Chief Minister Sushil Kumar Modi said.

3:30 pm: The all-powerful council pruned the list of items attracting the top 28 per cent tax rate to just 50 from 227 previously, Modi told reporters here.

3:27 pm: In effect, the council, in its 23rd meet today, cut rates on 177 goods.

3:25 pm: Facing intense heat from opposition-ruled states over keeping mass used goods in the 28 per cent bracket which was meant for luxury and de-merit goods, the Council pruned the list to 50 as against 62 that was recommended by its fitment committee.

3:22 pm: The Goods and Services Tax (GST), implemented “from July 1, has five tax slabs of 0 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent.

3:19 pm: “There were 227 items in the 28 per cent slab. The fitment committee had recommended that it should be pruned to 62 items. But the GST Council has further pruned 12 more items,” Modi said.

3:15 PM: WATCH- The big decision taken in the GST Council meet, which is being in Guwahati, Assam

3:12 pm: The GST Council meeting will be path breaking, many crucial decisions in favor of traders, manufactures and consumers will be taken, says the Assam Finance Minister

3:09 pm: Some important decisions already taken like reducing almost 200 goods from 28% to 18% slab, says Himanta Biswa Sarma, Assam Finance Minister

3:06 pm: The decision taken by the GST Council will have a revenue implication of Rs 20,000 crore annually.

3:03 pm: “There is consensus that slowly 28 per cent slab should be brought to 18 per cent. But it will take some time because it has a big revenue implication,” Modi said.

3:00 pm: A Group Photo of the Union Finance Minister Arun Jaitley with the Finance Ministers and Senior Officers of the different States/UTs on the occasion of 23rd GST Council Meeting in Guwahati, Assam today.

2:56 pm: Almost 227 items were there in 28% GST slab, now only 50 remain, which are mostly luxury items, rest have been put in 18%, says Bihar Deputy CM Sushil Kumar Modi.

2:53 pm: “Paints and cement have been retained in the 28 per cent tax bracket. Luxury goods like washing machines and air conditioners have been retained at 28 per cent,” Modi said.

2:50 pm: The GST Council today decided to reduce tax rate on a wide range of mass use items – from chewing gums to detergents — to 18 per cent from current 28 per cent, Bihar Deputy Chief Minister Sushil Kumar Modi said.

2:47 pm: The all-powerful council pruned the list of items attracting the top 28 per cent tax rate to just 50 from 227 previously, Sushil Modi told reporters.

2:44 pm: In effect, the council, in its 23rd meet today, cut rates on 177 goods.

2:42 pm: Facing intense heat from opposition-ruled states over keeping mass used goods in the 28 per cent bracket which was meant for luxury and de-merit goods, the Council pruned the list to 50 as against 62 that was recommended by its fitment committee.

2:39 pm: The Goods and Services Tax (GST), implemented “from July 1, has five tax slabs of 0 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent.

2:36 pm: “There were 227 items in the 28 per cent slab. The fitment committee had recommended that it should be pruned to 62 items. But the GST Council has further pruned 12 more items,” Modi said.

2:33 pm: He said all types of chewing gum, chocolates, preparation for facial make-up, shaving and after-shave items, shampoo deodorants, washing powder detergent and granite and marble will attract lower 18 per cent tax rate.

2:30 pm: “There was unanimity that in 28 per cent category there should be only sin and demerit goods.

2:28 pm: So, today the GST Council took a historic decision, that in the 28 per cent slab there will be only 50 items and the remaining items have been brought down to 18 per cent,” he said.

2:25 pm: Union minister Haribhai Parthibhai Chaudhary has said that the performance of the Modi government should be judged only after its five-year term ends, amid strong criticism by opposition parties over demonetisation and GST.

2:20 pm: The minister of state for coal and mines said that adequate time should be given to the central government to work and people should evaluate its performance after that.

2:15 pm: “You have to give 12 hours to get curd from milk. If you check the milk every hour, curd will not form,” he said at the Golden Jubilee celebration of Hindustan Copper Ltd (HCL) here yesterday.

2:10 pm: GST Council decides to keep only 50 items, mostly demerit, sin and luxury goods in top 28% bracket, says Bihar Deputy CM Sushil Modi.

2:08 pm: Lower 18% GST will be levied on chewing gums, chocolates, after shave, deodorant, washing power, detergent, marble: Bihar Dy CM Modi.

2:05 pm: The GST Council, headed by Union Finance Minister Arun Jaitley, is meeting here to consider pruning the list of items in the 28 per cent tax bracket.

2:01 pm: Haryana Finance Minister Capt Abhimanyu said the meetings cannot be related to any election because GST Council is represented by states and the Centre.

1:54 pm: The five products along with alcohol have been kept out of GST for now.

1:52 pm: Karnataka Agriculture Minister Krishna Byre Gowda said the Congress had earlier asked that the GST rate should not be more than 18 per cent but the government went ahead with the five tax rate slabs of 0, 5, 12, 18 and 28 per cent.

1:49 pm: Punjab Finance Minister Manpreet Singh Badal said his state wants rationalisation of tax rate, simplification of procedures and removing glitches in GST-Network.

1:46 pm: The Congress, he said, was in favour of inclusion of petrol, diesel, natural gas, ATF and crude oil in the GST.

1:40 pm: Sisodia said petroleum products, alcohol and real estate should be brought under the GST as it is one nation, one tax and such items cannot be kept out of the regime.

1:37 pm: In the run-up to the assembly elections in Gujarat and Himachal Pradesh, opposition Congress and its leaders have been targeting the government over difficulties faced by some businesses under the GST regime, with party vice-president Rahul Gandhi even calling it a ‘Gabbar-Singh Tax’.

1:34 pm: “I have always said bring real estate in GST because if you put 28 per cent on construction activities and then suddenly it goes into a black hole because there’s no counting of where that is going,” he said.

1:31 pm: On returns filing, he said the Delhi government was in favour of quarterly filings instead of current mandate for three different forms being submitted every month.

1:29 pm: Common use goods are being charged 28 per cent tax, he said, adding construction industry, toiletries are all charged the peak tax rate.

1:26 pm: “Common man is affected. GST was brought to simplify procedures and to facilitate common people to purchase items” but that is not happening, he added.

1:23 pm: Sisodia said limits imposed for availing of the composition scheme need to be widely discussed, with a separate structure for SMEs.

1:21 pm: Puducherry Chief Minister V Narayanasamy said the peak tax rate should be 18 per cent except for one or two demerit items, which could attract a higher 28 per cent tax.

1:18 pm: “But most of the items were brought under the 28 per cent category (under GST) which the Congress is not agreeing to. Also, the tax return filing procedure in GST is cumbersome, Narayanasamy said.

1:15 pm: Delhi joined the growing chorus of opposition against the highest 28 per cent GST rate, saying a high rate would encourage black marketing.

1:12 pm: The Congress-ruled states have been demanding rationalisation of GST rates to bring down the peak tax rate from current 28 per cent.

1:09 pm: Delhi deputy chief minister Manish Sisodia, who is here to attend the crucial meeting of the GST Council, said lower tax rates should have been implemented from July 1, when the Goods and Services Tax (GST) was rolled out.

1:06 pm: “Tax rates should have been set lower from July 1 itself and I have said that 28 per cent tax rate means you are encouraging black marketing,” he said.

1:03 pm: The Congress-ruled states of Punjab and Karnataka, and UT Puducherry have demanded complete overhaul of the GST rate structure and simplification of the procedures.

1:00 PM: The Morgan Stanley report outlines that GST will help lenders get data, which will further boost MSME working capital finances.

12:55 PM: In its recent report titled ‘India’s Digital Leap – The Multi Trillion Dollar Opportunity’ Morgan Stanley says, “Lenders will get access to cash flow data of MSMEs through multiple sources — for instance, digital payment platforms but more importantly GSTN (the Goods and Services Tax Network). This will likely help them get access to high-quality, high-frequency data that will allow them to lend to this sector.”

12:50 PM: Amid the clamour about GST hurting the prospects of small businesses and traders, a Morgan Stanley research report says that GST will actually help the MSMEs (Micro, Small and Medium Enterprises) to get access to formal credit, thereby bringing down their working capital costs.

12:50 PM: Prime Minister Narendra Modi has often termed GST as ‘good and simple tax’, adding that it will put an end to harassment of honest traders and small businesses while integrating country into one market with one tax.

12:45 pm: “Congress FMs will force changes in GST Council meeting today. Agra, Surat, Tiruppur and other hub towns are watching,” he said.

12:43 pm: The finance ministers of Congress ruled states last week demanded a major overhaul of the Goods and Services Tax (GST), alleging that the tax reform measure had turned out to be a “big disappointment” due to its “poor” implementation.

12:40 pm: The finance ministers of the Congress-ruled Punjab and Karnataka, Manpreet Badal and Krishna Gowda, alleged that the country had “lost the opportunity” to bring tax reform and that there was “utter chaos and confusion”, forcing many businesses to shut down.

12:37 pm: They also alleged that there was “poor implementation” with regard to GST’s concept, design, tax rates, exemptions, compliance requirement and technological preparedness.

12:33 pm: Congress leader P Chidambaram today said a “shower of changes” is expected from the GST Council meeting in Guwahati and the “panic-stricken” Modi government has no option but to change the new tax rates.

12:30 pm: The high-powered committee headed by Union Finance Minister Arun Jaitley is meeting in the Assam city to discuss GST rates.

12:27 pm: Chidambaram said the government will be forced to heed the advice of the opposition and experts due to the Gujarat assembly elections next month.

12:25 pm: “Expect a shower of changes in GST rates from GST Council meeting today. Panic-stricken govt has no option but to concede demands for change.

12:23 pm: “Thanks to Gujarat elections, government forced to heed advice of Opposition and experts on flaws in implementation of GST,” he tweeted.

12:21 pm: Chidambaram said the letter from the finance ministers of Congress-ruled states to Jaitley will set the tone for discussions in the GST Council today.

12:19 pm: “Congress FMs letter exposes the structural flaws in the design and implementation of GST. Government can no longer duck these issues,” he said.

12:17 pm: The Congress leader said the government had avoided debate and voting in Rajya Sabha on GST Bills but it cannot avoid a debate in the public domain or in the GST Council.

12:15 PM: In the run-up to the assembly elections in Gujarat and Himachal Pradesh, the opposition party and its leaders have been targeting the government over difficulties faced by some businesses under the GST regime, with party vice-president Rahul Gandhi even calling it a “Gabbar-Singh Tax (GST)”.

12:10 PM: “If you keep electricity, petroleum, real estate out of the ambit of GST, then about 50 per cent of total revenue is out of GST. If GST is run properly in 150 countries, then why should it not run smoothly in India?” he asked while interacting with reporters here.

12:05 PM: Punjab, he said, wants rationalisation in tax rates, simplification of procedures and removal of glitches in GST Network.

12:00 PM: He said the 28 per cent tax slab was based on the premise that many luxury and sin goods should be taxed at a higher rate, but in realty “a lot of items of mass consumption were also in 28 per cent”.

• Posted on Nov 10, 2017
• |
• By Dhruv
• |
• 0 Comments