The GST Council may consider Friday reducing items in the 28% tax slab and slash rates for daily use items, plastic products and handmade furniture as it looks to provide relief to consumers. The Council, comprising state finance ministers, is also set to review the GST returns filing cycle and make it taxpayer friendly. As the Council tries to accommodate industry concerns on tax rates, after estimating the impact on revenue, a rationalisation of items in the 28% tax bracket is expected. Tax rate on items like furniture, electric switches and plastic pipes could be relooked at,” an official said. The final GST returns are to be filed by submitting forms GSTR-1, 2 and 3.

Source: Hindustan Times November 09, 2017 10:30 UTC