GST Council to meet on June 18; revision of tax rates for certain items on cards

There is some hope for those sectors that had sought a downward revision in GST rates as the Goods and Services Tax (GST) Council is scheduled to take it up at its 17th meeting on June 18.

While there are many other items on the agenda for the GST Council headed by finance minister Arun Jaitley, fixing tax rates and "adjustment" on some items have also been listed for discussion.

"Main agenda items of the 17th GST Council Meeting include confirmation of the minutes of the 16th GST Council meeting held on 11th June, 2017, approval of draft GST Rules and related Forms for (i) Advance Ruling, (ii) Appeals and Revision, (iii) Assessment and Audit, (iv) E-Way Bill & (v) Anti-Profiteering, and Fitment/adjustment of GST Rates on certain items among others," the finance ministry said in a statement.

The meeting will be held in New Delhi at Vigyan Bhavan and will be attended by finance ministers of all states and union territories, the ministry added.

Last Sunday, the GST Council had revised tax rates on 66 goods and services items, including cinema tickets, school bags, cutlery, incense sticks, insulin, cashew, leather and jobs in textiles, printing, jewellery, leather. 

"The GST Council has revised tax levels on 66 out of 133 representations," Jaitley had said after the meeting, on June 11.

The Council also raised the limit for composition scheme from Rs 50 lakh to Rs 75 lakh. "This should mean that a significant number of SME sector players should benefit from not having to meet with detailed compliances under GST and also having a less financial burden, on account of GST," Mahesh Jaising, Partner, Indirect Tax, BMR & Associates LLP, said in a note.

The GST rates will be applicable from July 1, 2017.