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Mother of all GST rates changes

Mother of all GST rates changes

Taxation and Duty/Tushar Singh/20 Jan 2018
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In the 25th meeting of GST council, the Council recommended many relief measures in the GST rates on certain goods and services. The Council also made some clarifications with respect to GST rate on certain crucial goods along with a major boost to the handicraft sector job creation.

5 Point Summary

  1. The government has suffered a major loss due to slashing of the GST rates. The total revenue loss on account of these cuts, which will take effect on January 25, is pegged at Rs 1,000-1,200 crore, though this will prove to be beneficial for the ultimate consumer of these goods and services.
  2. The council is also swerving towards a much simpler compliance regime for businesses that will entail a single form or just a supplier invoice.
  3. The Council also approved the definition for handicrafts and the designation of 40 items as handicrafts which are set to impact many people by bringing in more clarity.
  4. Apart from this, changes have been recommended in compensation cess on certain goods and Integrated Goods and Service Tax (IGST) rates.
  5. These decisions of the GST Council will take effect through Gazette notifications/circulars only after which it shall have the force of law.

Table showing the significant changes from the old rates

                       Items

               Old Tax Rate

               New Tax Rate

Second-hand medium and large cars and SUV’s

28%

18%

LPG supply to the household by private LPG distributors

18%

5%

Biofuels powered buses

28%

18%

Sugar boiled confectionery

18%

12%

Drinking Water (20-litre bottles)

18%

12%

Drip irrigation system

18%

12%

Cigarette Filter Rods

12%

18%

Tailoring Service

18%

5%

Admission to theme parks, water parks

28%

18%

Bio-diesel

18%

12%

Rice bran

0%

5%

Diamonds and precious stones

3%

0.25%

Articles of straw, basketware and wickerwork

12%

5%

Scientific and technical instruments

18%

5%

Old and used motor vehicles

28%

12%

Bamboo wood building joinery

18%

12%

Mechanical sprayer

18%

12%

Simplifying GST Return Filing

The GST council is also planning to work on simplifying the GST return filing. This plan seeks to do away with three types of forms i.e. GSTR1, GSTR2, GSTR3 and replace them with just one form initially i.e. GSTR3B.

  1. This simplifies the process wherein only the supplier invoice is to be uploaded to file the return annually or whatever the frequency is. If any mismatch is found between the invoices of the buyer and the seller, a clarification regarding this can be sought.
  2. The move to simplify the process of GST returns filing comes amid revenue loss worries expressed by states, largely due to tax evasion. Therefore, easing the process could curb evasion.
  3. As the early announcement of the tax rates may create a rush for exemptions and compliance relief can take a good toll that early sharing of the tax rate will also fluctuate the production of various industries in order to save from altered tax rate.

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