GST Council approved all pending rules, including all rules regarding filing of returns and changes under GST system. With this, all the states have agreed to implement GST (Goods and Services Tax) system from July 1st.
Kerala Finance Minister Thomas Isaac told reporters here that we are discussing the rules and it has been completed. Rules for passing of GST system have been approved and all have agreed to implement it from July 1st. The GST Council last month fitted 1200 items and 500 services into the tax structure of 5, 12, 18 and 28 percent.
Finance Minister Arun Jaitley today chaired the 15th meeting of GST Council, which had to decide tax rates of six things including gold, textiles and shoes. The statement of Isaac to agree to all states on implementing GST since July 1st is very significant as West Bengal Chief Minister Mamata Banerjee had said that her state would not implement the new indirect tax system in its current form. West Bengal Finance Minister Amit Mitra also attended today’s meeting.
Mamata Banerjee had said yesterday that the Trinamool government of West Bengal will not support the new GST system in its current form and her government will write a letter to Jaitley asking for a change in it for making it suitable for all sections of the society. They said, we will not support GST in its present form. In the present form it is not suitable for every section especially in the unorganized sector. The center has to improve it. We have to continue to struggle to reduce tax rates on some products. He had said that till the rates are not reduced, they will have a bad effect on the state’s economy and employment.
In the context of the changes approved by the Council, the industry was demanding some provisions in the provisions of the possible credit available in the GST system. The draft legislation on changes in GST is that before the GST is implemented, the company can claim central GST credit for 40 percent on the central excise duty paid on its outstanding stock.
Many dealers buy things and look at instead of depositing their stores and waiting for the policy of waiting. They have lobbied with the government to increase the credit limit.
Source: Live Hindustan