GST Council has so far conducted 14 meetings and in the last meeting rates of various goods and services were declared which created a lot of hue and cry among the industry.
Since then, various industry associations and trade associations have been conducting meetings and approaching FinMin to get a relief from the high taxes. However, FM has clearly emphasized in his yesterday's address to media that its certain that they will review the rate where the industry would be severely affected but most of the rate shall remain the same.
Further, the 15th meeting could fine tune on the following points:
- GST rates : The rates for textile industry, gold, beedi, biscuits, Agri machinery, footwear will be disclosed tomorrow which is seen as crucial point in the meeting which were left in earlier meeting.
- Amendment in rates: Certain products like solar panels which were put in higher slab rate mistakenly would be rectified
- Likely addressal of certain industry demands: GST council will take up industry demands where industry would be severly impacted such as in amusement parks whose ticket would attract 28% GST alike betting, gambling. These demands may be taken by GST council.
- Roadmap for the smooth implementation: GST council have been regularly conducting awareness through its awareness camps check here . Further GST council have roped in ICAI, ICSI and ICAI (cost ) for creating awareness among the people.
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GST EXPLAINED EXCLUSIVE : What to Expect from 15th GST Council Meeting to be held on 3rd June 2017
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June 02, 2017
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Reviewed by Author
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June 02, 2017
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