The Council also approved allowing Aadhaar as a document for registration under GST, while referring the legal view regarding levy of taxation on lottery to the Attorney General (AG) since some cases disputing the levy are pending in courts.
The GST council has extended the date for filing annual returns under the Goods and Services Tax (GST) regime by two months to August 30. The one-form new GST return filing system will be applicable from January 1, 2020.
The Council will also consider tweaking GST rate on lottery. An 8-member group of state finance ministers could not reach a consensus on whether a uniform tax rate should be imposed on lotteries or the current differential tax rate system be continued.
Six items have been taken out from the highest GST bracket of 28 percent, thereby leaving only 28 items in the slab. Now, the 28 percent slab is restricted to only luxury and sin goods, apart from auto parts and cement.
Revenue shortfall concerns and issues being faced by micro, small and medium enterprises (MSMEs) dominated the 29th meeting of the GST Council. The Council approved a six-member ministerial panel, headed by Minister of State for Finance Shiv Pratap Shukla, to look into the issues of MSMEs.