New Delhi – The 21st meeting of GST Council which would be headed by the finance minister Arun Jaitley is scheduled to take place in Hyderabad this Saturday. After the council’s last meeting which took place last month, Jaitley has requested the organizations to shift the benefit of input credit to the customers. This benefit is available suppliers who deal with goods and services.
Under the Goods and Services Tax, the providers of goods and service would be benefitted from input tax for the goods uses. This effectively makes the actual incidence of tax lower than the rate of headline taxation.
The GST Council has announced that the screening committee for anti-profiteering will be created to make Anti-Profiteering Authority effective under GST law. Additionally, the council has decided to go for the GST provision on e-way bills which require goods costing more than ₹ 50,000.
The former finance minister Arjun Ram Meghwal said that the number of GST tax slabs would be decreased. However, he also added that the reduction would take place once the revenue collected from tax improves.