Goods and Services Tax (GST) Council have decided to slash rates on 29 items, mainly handicrafts, to zero per cent. The decision was taken during the GST Council’s 25th meeting held today.
Here are the key points
1. E-way bill system testing continues till January 25, loading will be made must from Feb 1.
2. 3B Returns filing may continue and suppliers may continue to load invoices .
3. 15 states agree on intra-state e-way bill.
4. Decision on petroleum products deferred.
5. No decision on real-estate, will be taken up in next meet.
6. 29 Handicraft items have been put in 0% slab. GST rates have also been reduced in few agricultural products.
7. The GST Council also discussed how buyers should upload purchases invoices, and the sellers should upload sale invoices.
8. Collection under composite scheme only Rs 307 crore.
9.The fitment committee will fix the rates for about 40 handicraft items.
10. A few more items may be added to the list.
11. Rs 35,000 crore of Integrated GST will be provisionally divided between the Centre and states.
12. Rates revised for 29 goods, 53 services categories.