GST on Footwear, Cell phones, textiles to be rationalised on March 14
By MYBRANDBOOK
The GST Council is likely to rationalise tax rates on five sectors, including mobile phones, footwear and textiles, and defer implementation of the new return filing system and e-invoicing in its meeting on March 14.
The Council, chaired by the Finance Minister Nirmala Sitharaman, would also discuss operational glitches on the GST Network portal and seek a resolution plan from Infosys, which has won the contract for managing back-end for GSTN in 2015, officials said.
Further, ways to augment revenue collection would also be discussed as the Centre has made it clear to the states that it does not have money in compensation funds to pay off the states for loss in revenue due to the goods and services tax (GST) implementation.
According to the panel, manufactured goods like fertilisers, mobile phones, footwear, renewable energy equipment, and man-made yarns attract GST of 5-12%, thereby leading to an inverted duty structure, where GST on finished goods is less compared to the duty on inputs.
The official further said that in view of Infosys failing to stabilise the GSTN software even after 30 months of its launch, the Council is likely to defer the new return filing system from the earlier envisaged date of April 1.
Also, mandatory generation of e-invoice for business-to-business (B2B) transactions for businesses with a turnover of over Rs. 100 crore is likely to be deferred by three months till July 1.
Also, the Council will decide on lottery offers under GST from April 1 by conducting lucky draws every month for invoices of all business-to-customer (B2C) transactions.
Launched on July 1, 2017, GST has subsumed over a dozen indirect taxes, like excise and service tax. However, revenues under the new indirect tax regime has not picked up as per expectations mainly on account of evasion.
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