Bring petroleum products, realty under GST

Pondering the future And how growth prospects will be impacted

Asked if the Congress would propose any concrete steps to compensate States for the possible revenue loss if and when petroleum is brought into the GST net, he said it is up to the Council to take a decision.

With the Union Budget 2018-19 inching closer, garment dealers here are hopeful of a reduction in the Goods and Services Tax (GST) rates levied on textiles, which, they believe, have drastically hampered sales. The Council is also expected to make changes in the GST Law to smooth the progress of the release of locked input tax credit in tourism and hotel industry.

The Council will consider as many as 70 changes on the recommendation of the law review committee.

GST Council may approve a new definition for handicrafts to give a leg up to the sector.

Explained | E-way bill: What is this system, how will it work?

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The Punjab government also sought the inclusion of petroleum and real estate under GST, with Badal saying these will be the two key issues which will be raised by the Congress at Thursday's meeting. The Council has recommended that the taxpayers with annual turnover below Rs. 1.5 crores may file only a quarterly return, while filing of a monthly return by all other categories be continued.

At the last meeting of the GST council on December 16, it had fixed February 1 as the compliance date for inter-state movement of goods.

GSTN, along with NIC, has launched a trial run for e-way bill mechanism from Tuesday.

Party spokesperson and Punjab finance minister Manpreet Singh Badal said the party will also demand that drastic changes in the new tax regime's tariff be withheld till certain stakeholders were consulted. The council is expected to deliberate on the collections so far ahead of the Union Budget and respective state budgets.

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