It has decided to slash the tax rate on as many as 17 items to 18 percent from 28 percent category.Premium of Ayushman Bharat Will also be exempted From GST.
GST on ethanol sold to oil companies for blending with petrol and diesel has also been reduced to 5 percent from 18 percent.Meanwhile, footwear Worth Rs. 1000 will only attract 5% GST which was earlier 18%.
Soon , taxpayers with turnover up to Rs 5 crore will now find it easier to file returns.
While they will continue to pay GST monthly, they will only file returns quarterly.93 percent of taxpayers will file GST returns quarterly.
Meanwhile, threshold limit for composition dealers will be increased to Rs 1.5 crore from Rs 1 crore earlier.
The Focus of GST Council Meet was completely on Simplification and rationalisation.
The next GST Council Meet will take place on 4th August which will focus on the issues relating to MSME sector.