FM Arun Jaitley, states FMs mulls over to put petrol,real estate under GST in pre-budget meet

Finance Minister Arun Jaitley is chairing the 25th meeting of the Goods and Services Tax (GST) Council in New Delhi on Thursday.

The council is expected to hold talks on bringing real estate, stamp duty on a property before registration, petrol and diesel products under the ambit of the taxation scheme.

The Union Minister for Finance and Corporate Affairs, Shri @arunjaitley chairing the 25th GST Council Meeting in New Delhi today.The Minister of State for Finance, Shri Shiv Pratap Shukla, State Finance Ministers & Finance Secretary, Dr. Hasmukh Adhia participated in the Meeting pic.twitter.com/oxeMRT3QR4

— Ministry of Finance (@FinMinIndia) January 18, 2018

Discussions are expected to take place on Prime Minister Narendra Modi's mission for having a digital-based economy, with a focus on incentivisation of digital payment of taxes under the GST. The Council is also likely to make changes in the GST Law to facilitate the release of locked input tax credit in tourism and hotel industry.
 

Jaitley is also expected to examine, with state counterparts, representations received from various sectors regarding a reduction in GST rates for goods and services.
A key agenda for the meeting, as discussed earlier, will be to deliberate on reasons for the fall in GST revenue collection, flagged as a major matter of concern for the finance ministry.

वित्त मंत्री @arunjaitley नई दिल्ली में 2018-19 के आगामी बजट के संबंध में राज्यों के वित्त मंत्रियों के साथ पूर्व-बजट बैठक की अध्यक्षता करते हुए pic.twitter.com/eYdVDuAuef

— पीआईबी हिंदी (@PIBHindi) January 18, 2018

Apart from this, the council is likely to review the preparedness of GST Network (GSTN) in handling the return filing process.

The GST Council in its 24th meeting approved the inter-state e-way bill compliance, to be effective from February 1, and compulsory intra-state e-way bill compliance effective June 1.

Inside visuals of 25th GST Council meeting underway in Delhi. pic.twitter.com/7ZXlLJhupZ

— ANI (@ANI) January 18, 2018

As per Finance Ministry sources, the GST Council approved e-way bill implementation roadmap in its 24th meeting chaired by Jaitley via video conferencing.
This is also likely to be considered for discussion during today's meeting.

Ahead of the Union Budget, Jaitley will also hold a pre-budget meeting with the state finance ministers.