GST Council reduces tax rate on 29 items, may simplify return filing process


New Delhi: The GST Council on Thursday veered around the idea of making the GST return filing process simpler to ease compliance burden for small businesses.The panel, headed by Finance Minister Arun Jaitley and comprising representatives of all states, at its 25th meeting decided to reduce tax rate on 29 items and 54 categories of services with effect from January 25.

Briefing reporters after the meeting, Jaitley said the next meeting of the Council may consider bringing items like crude oil, natural gas, petrol, diesel, ATF and real estate within the GST purview.In a bid to ease compliance burden, the Council veered around to the idea of registered entities continuing to file the return in GSTR 3B
Form while moving to a system where supplier invoice captures details of the transaction.

The new process would be finalised in the next meeting of the GST Council after a written formulation is circulated to the states, he said.

The date of the next meeting of the Council has not yet been decided, he said.