The Goods and Services Tax Council (GST Council) cut tax rates on 29 products and 54 services at its 25th meeting and agreed to make the process of filing tax returns simpler.
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The Council also discussed in detail various approaches to ease the return filing compliance burden, and the need for the implementation of anti-evasion measures, against the backdrop of declining GST collections and waning compliance
Some of the services for which the rates have been cut include tailoring (18% to 5%), admission to theme parks (28% to 18%), and petroleum and natural gas mining and exploration (18% to 12%).
The goods on which the rates have been reduced include biodiesel buses used for public transport (28% to 18%), sugar boiled confectionery, biodiesel, drinking water packed in 20 litre containers (all from 18% to 12%), and LPG supplied to domestic consumers by private distributors (18% to 5%).
The new rates would come into effect on January 25.
It was the opinion of the Council that so far we have relied on unilateral declarations by traders
It was agreed that there is a need to build in anti-evasion measures. The e-waybill system [to be rolled out on February 1] will be one of these.
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