GST Council may lower rates for electric vehicles, farm gear on Thursday
New Delhi: The new indirect tax regime under the composition scheme will dominate discussion of the goods and services tax (GST) Council in its 25th meeting of GST Council which is scheduled to be held on the January 18.
“The 25th meeting of GST Council will discuss how to resolve the issue of invoice matching and make it more simpler,” the person said.
In this meeting, the committee has proposed that the GST returns filing process be simplified. They have suggested that the council combine the three different returns form into one.
The law review committee, we learn has urged that the council make it easier for taxpayers to claim the refund. Both the centre and states are preparing proposals to amend the current GST laws— these amendments are likely to simplify return filing process and tweaks to the composition scheme and the reverse charge mechanism.
The handicrafts panel has recommended that the definition of handicraft be changed in order to bring more items in the category.
There some points will discuss at next council meeting related to handicrafts are
- Is handmade butter a handicraft item?
- Should wooden furniture qualify as handicrafts?
- should Handmade shawls and wooden tableware, cane, and bamboo furniture will be treated as handicrafts?
The detailed review of E-way bill where data going to represent as a blueprint for the rollout of the interstate national e-way bill which will be rolled on the 1st Feb. It is discussed at the 25th meeting which is held on 18th Jan.