Goods and Services Tax: More Relief Expected Over Industry Grievances

Although the Goods and Service Tax Council has heard and acted on 50% of the grievances raised by the industry stakeholders, tax experts believe there will be even more revisions in the tax rates soon.

GST Council is set for its 17^th meeting scheduled for June 18 where it’s expected to consider representations from fertilizer industry, imported transition stock, car lease rental companies, etc. In its previous meeting on June 11, the council had reduced tax rates on 66 items.

Car lease rental companies have asked the GST council to waive the central GST for them to allow credits claims for excise duty paid on cars. Similarly, as per the current GST rules, imported items will become more expensive than those made in the country itself. These problems were raised to the council, and are expected to be addressed at the next meeting.