21st GST meeting to be held today in Hyderabad

The 21st meeting on GST which will be going to held in  Hyderabad today. The meeting will be chaired with Finance Minister Arun Jaitley. 

The main crux in the GST meeting will be the problems that are growing in (GSTN ) the Goods and Service Tax Network  and lowering the GST rates for luxury and sports vehicles along with the execution of input credit system and formulating the rules for national anti-profiteering authority, said by the finance minister in the GST meeting.

Also, some officials acknowledge that there has been some problem in GSTN like, problems are occurring in final submission of returns, invoice matching as well as in transition credits. This all issues that will be discussed and sought out in the meeting which will likely to happen today, one of the sources in GST Council said.

Arjun Ram Meghwal, minister state for the department of finance and corporate affairs, had also said, GST will improve later, but moreover, the small and medium sector industries have sought more time to file GST returns.

The topic like a hike in cess on sports utility vehicles and luxury cars to 25 percent from 15 percent is also to be discussed at the meeting today. Though last month Union cabinet minister already gave the green signal to this proposal.

Many more topics are going to be discussed in the GST meeting today like, reduction of tax slabs on certain products and services, tax concession for government projects, a concession for beedi and granite industries, among others, state principal secretary (revenue) Somesh Kumar told reporters in Hyderabad.

Where as, one more request come from the builders association of India, that they have demanded the GST Council exempt all government projects finalized before June 30, 2017, from the GST purview and insisted on implementation of the old tax structure of value added tax (VAT) for it.

They also said regarding this issue that they have been facing difficulties with existing projects. All the members of BAI who are executing the government projects are facing problems on the implementation of GST. S N Reddy, national, vice-president of the association said.

Now, it will be interesting to know whether all the terms and conditions will implement on GST meeting today or not. 

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