1. GST rates reduced on household items, deadline for filing GSTR 1 extended to October 10

GST rates reduced on household items, deadline for filing GSTR 1 extended to October 10

In a major relief to the common man as promised, Finance Minister Arun Jaitley on Saturday announced that the Goods and Service Tax Council (GST) reduced tax levied on several household items.

By: | Hyderabad | Published: September 10, 2017 4:23 AM
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In a major relief to the common man as promised, Finance Minister Arun Jaitley on Saturday announced that the Goods and Service Tax Council (GST) reduced tax levied on several household items. The GST council also extended the deadline for filing GSTR 1 for July to October 10. The Finance Minister Jaitley also announced there would be no change in tax for small cars, 13-seater vehicles and hybrid cars. “There will be no additional burden on small car buyers,” Jaitley said after the 21st meeting of the GST Council here. While the total tax in midsize cars will increase from 43% to 45% and large cars will be raised to 48% from 43%. On SUVs, total tax would now be 50% instead of 43%. The GST council also reduced taxes on dried tamarind, dhoop agarbatti, raincoats, custard powder, rubber bands.

Apart from this , tax on idly and dosa batter is also reduced. Khadi fabric sold only through KVIC stores will be tax-exempted, said the finance minister. The Council also amended the framework for branded packaged food products. The finance minister said that the overall GST collection has been robust so far with more than 70% of the having filed their return. “Figure of approx Rs.95.000 cr (tax collection) for July. Some spill over of VAT collection of June paid in July will also be added. We reviewed the functioning of GST Network which on 2 or 3 occasions got overloaded. These are transient challenges and has been rectified,” Jaitley said.

The GST council has also decided to form an inter-ministerial committee to continuously interact with GST Network to ensure smooth transformation. The Center on September 4 extended the deadline for filing GSTR 1 for July to September 10 after the GST portal stopped working. Deadlines for filing GSTR 2 and GSTR 3 were also subsequently extended to September 25 and September 30, respectively.

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