The GST Council will consider setting up of a National Appellate Tribunal in Delhi with three regional benches with members from judiciary as well as tax departments to hear appeals against the order of the appellate authority set up by states under the GST regime.
The petroleum products are "constitutionally included" under the Goods and Services Tax (GST) but it is the GST Council which includes Finance Ministers of all states that would decide when petrol, diesel etc can be brought under its regime, parliament was told.
The all-powerful GST Council may this week consider bringing jet fuel (ATF) and natural gas under GST ambit but tax slab is acting as a deterrent, people familiar with the matter said.
The GST Council may look at rationalising tax rates on some items on the basis of merit after ensuring right balance with revenue mop up, Finance Minister Piyush Goyal said.
The Goods and Services Tax Council may consider a reduction in tax rates on a host of items with low revenue implications as part of the tax rationalisation exercise in its next meeting on July 21.
The Sushil Modi led ministerial panel will recommend to GST Council to defer by a year the proposal to incentivise digital payments under GST.
Tax experts said they expect the annual returns form to be in line with that in the erstwhile VAT regime, with some columns for reconciliation with IT returns and audit report.
Finance Secretary Hasmukh Adhia today said the all powerful GST Council will consider bringing petroleum products under Goods and Services Tax (GST) and it could happen in phases.
Goyal exuded confidence that GST collections will exceed Rs 13 lakh cr in the current fiscal and with increased revenues there will be further scope to rationalise the tax rates.
Manish Sisodia today demanded abolishing Integrated GST, saying Rs 1.81 lakh crore has accumulated in the IGST fund but the money is lying idle and is causing economic loss.