Home Banking GST rate changed for 29 goods, 53 categories; filing returns to be made simpler

GST rate changed for 29 goods, 53 categories; filing returns to be made simpler

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GST rate changed
The Powerful GST Council of All Sorts today revised rates on 29 items and 53 divisions and decided to facilitate the process of filing GST to reduce the burden for small businesses.

The new GST rates may apply from January 25.

Finance Minister Arun Jaitley told reporters after the meeting that the committee hoped to meet the next meeting of the Council to bring in goods like crude oil, natural gas, petrol, diesel, ATF and real estate in the GST.

Infosys co-founder Nandan Nilekani presented a detailed model for filing GST returns. The Council will again meet with video conferencing before completing the Union Budget on the new model submitted by Nilekani.

The budget bill was discussed in Parliament Budget Session from February 1. If inter-state e-bills are not filed on February 1, a penalty will be issued.

On the other hand, a large amount of credit line is also discussed in IGST. To improve liquidity, Rs. A 35,000 valued IGST loan is issued.

The GST council decided to cut 20 litres of drink water from 18 percent to 12 percent. The tax rate on bio-diesel has decreased from 18 percent to 12 percent.

Families can now get a huge relief when private council cuts the tax rate on domestic LPG from private companies 18 percent to 5 percent.

At today’s meeting, GST collections have declined.

GST collection in the second month in a row is Rs. It fell to 83,000 crores. Rs 80,808 crores in November. The collection cut rates were dropped after collection of 178 items.

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