GST Council meeting today: Here's what to expect

The Goods and Services Tax Council has a big agenda lined up today as it considers more changes to further improve the country's most comprehensive indirect tax reform since Independence.

ET takes a look at what is on the agenda of the 25th meeting of the council:

Rejig in Rates
The GST Council may take up revision in tax rates on number of items. Rates are likely to be lowered for:
Bio diesel : 18%
Agri Equipment : 12%
Electric Vehicle : 12%
Online services : 18%
Jobwork service for handicraft : 12 %
Some other services : 18%

Revamp of law, rules and procedure
The law review committee has suggested slew of changes. The council will consider as many as 70 changes and amendments to schedule.
1. Change to definition of supply.
2. A more liberal input tax credit regime.
3. Reverse charge mechanism simplification.
4.Single registration for services providers

Defining Handicrafts:
GST Council may approve a new defi nition for handicrafts to give a leg up to the sector.
Handicraft items:
Handmade paper, handmade envelopes, letter cards, postcards, handmade boxes, pouches, wallets, handmade agarbattis, handmade fabric to be designated as handicrafts

Return Simplication
The GST Council is expected to simplify and ease compliance.
1. Single return for service providers
2. Merger of regular forms GSTR 1, 2 and 3
3. Limited invoice matching

Presentation on real estate
The GST Council will take up a presentation on what can be possible regime for the sector if it is included within the tax regime