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GST Council reduces tax rate on about 30 items, extends deadline of filing returns by a month

10 Sep.  2017

The Goods and Services tax (GST) Council today extended the deadline for filing the first set of returns by a month to October 10.  Briefing media after chairing the 21st meeting of the GST Council in Hyderabad this evening, Union Finance Minister Arun Jaitley said, GST rate on about 30 items like roasted gram, idli/dosa batter, oilcakes, raincoats, rubber bands have also been reduced.
The council also decided that handicraft artisans with annual earnings of upto 20 lakh rupees will not require GST registration. The Minister said, 5 per cent GST will have to be paid by firms having registered trademark as on May 15, 2017 for commodities.
He said, small petrol, diesel and hybrid cars will see no cess hike while mid-segment cars will attract 2 per cent additional cess, large size cars 5 percent and SUV 7 per cent. Mr Jaitley said, Khadi sold through KVIC stores will be exempted from GST.
The Minister said, overall GST collection has been robust with over 70 per cent of eligible taxpayers filing returns of about 95,000 crore rupees. He said, 21 lakh new traders and dealers have been added to the tax payer

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