Hyderabad, September 10: The GST Council, in its 21st meeting held at Hyderabad on Saturday, has reduced the tax rates on 30 daily-use items. Also, Council has extended the deadline for filing the first set of returns by a month to October 10.
The Council also decided that handicraft artisans with annual earnings of upto 20 lakh rupees will not require GST registration. The Minister said, 5 per cent GST will have to be paid by firms having registered trademark as on May 15, 2017 for commodities.
Jaitley said, small petrol, diesel and hybrid cars will see no cess hike while mid-segment cars will attract 2 per cent, large size cars 5 percent and SUV 7 per cent additional cess. Mr Jaitley said, Khadi sold through KVIC stores will be exempted from GST.
The Minister said, overall GST collection has been robust with over 70 per cent of eligible taxpayers filing returns of about 95 thousand crore rupees. He said, 21 lakh new traders and dealers have been added to the tax payer network.
The council decided to appoint a committee we will announce composition of committee in a day or two of some minister which will interact with GSTN so as to ensure that the smooth transformation itself takes place. Since the work is huge, the period which was to expire tomorrow itself has been extended till 10th of October.