GST Council meet: A look at key items of the agenda

The goods and services tax (GST) council is meeting on Friday in Goa to deliberate a number of issues, including reduction in tax rates on a number of items amid a chorus of demands for measures to address the slowing economy. ET looks at key items of the agenda:

Big agenda
* 37th meeting of the GST Council
* 23 times on agenda


Key items
** Consultation with the 15th finance commission
** Review of revenue position
** Recommendations of the law committee
** Decision on rates
** Fake invoices/ fraudulent refund
** New return system
** Integrated refund system
** Generation of electronic invoice
** Linking GST registration with Aadhar
** Changes in GST laws in view of creation of J&K and Ladakh UTs

RATE DECISIONS
** Changes recommended: 20 items
** Compensation cess changes: 3 items
** Clarfications: 9 items
** Deferred for further examination: 10 items
** No change recommended: 167 items
** Rate change/clarification in services: 30 items

OUTLOOK
** Any decision on rates will be based on revenue implications
** GST revenues have been below par
** Direct taxes growth has also been muted
** Council likely to reject any rate change involving significant revenue loss
** Opposition to rate cut from within industry has also reduced chances of tax cut for auto