The first general budget of the second term of the Modi government will be on July 5. Before the budget, the meeting of the goods and services tax (GST) council is scheduled to be held on Friday ie today. The meeting will be chaired by Union Finance Minister Nirmala Sitharaman. There is hope for decisions related to e-invoice and single point refund in the meeting. Apart from this, GST slab cut can also be done on electric vehicles. Please tell that this 35th meeting of GST Council will be held.
5 percent GST on electric vehicles!
In order to boost the manufacturing of electric vehicles, GST Council may consider the proposal of reducing GST rates from 12 to 5 percent. 28 percent GST is applicable on petrol, diesel cars and hybrid vehicles. Apart from this, cess is also applied on these. The council may also consider changing the GST slab on the lottery. Let's say that the state has just 12 per cent lottery and 28 per cent GST on the state-owned lottery.
These things included in the meeting agenda
The system is also expected to be discussed in the GST Council meeting for a single-point refund system and e-invoices (e-invoices). Along with this, discussion on business-to-business (B2B) sales needs to be made even if it is necessary to make an e-invoice on the centralized portal for a company of 500 crores or more. The meeting may also discuss sluggish economy and less GST collection than expected in May.
Apart from this, a detailed expansion of the National Anti-Profit Authority (NAA) may be considered in the meeting. In fact, the government had approved the formation of NAA for 2 years immediately after the implementation of GST on July 1, 2017. The formation of the NAA was done to investigate complaints against the companies that did not transfer the benefits of reduction in GST rates to consumers.