25th GST Council meet: Arun Jaitley to analyse fall in GST revenue collection and more

Finance Minister Arun Jaitley will be heading the 25th Goods and Services Tax Council meeting today.

The council will be talking about swooping in various products and businesses under taxation scheme like real estate, stamp duty on a property before registration, petrol and diesel products.

The Council is also likely to make changes in the GST Law to facilitate the release of locked input tax credit in tourism and hotel industry.

The Finance Minister will analyse, with state counterparts, representations received from various sectors regarding a reduction in GST rates for goods and services.

The main agenda of the meeting is to analyse the various reasons involved in the fall of GST revenue collection. The fall in the GST revenue collection has been considered a major concern for the Finance Ministry.

Along with this, the council meeting will also take a look at GSTN (GST Network) and how it will manage the return filing process.

Inter-state e-way bill compliance was approved in the last GST council meeting, which will be effective from February 1, 2018.

The compulsory intra-state e-way bill compliance effective June 1, 2018.

A pre-budget meeting with the state finance ministers will also be held by Finance Minister Arun Jaitley.

With inputs from ANI