GST Council holds 37th review meeting in Goa

By

Isabelle Crossley

Published
Sep 20, 2019

The Goods and Services Tax Council met on September 20 in Goa to discuss a reduction in GST rates, issues with the system, and recommended changes to the tax regulations.

On Friday, the GST Council addressed key issues at its 37th meeting, ET Bureau reported. The meeting addressed 20 recommended changes to the GST and nine requested clarifications.  

A number of sectors have requested a reduction in GST rates, most vocally the diamond and jewellery industry which is currently experiencing a slow down. The meeting addressed rates as well as another contended issue, the system for completing GST returns. The meeting posited a new returns system and also discussed returns timings.

The government is looking to digitise the Indian economy and to this end it is working to digitise the GST process. To this end, the meeting covered electronic GST invoicing and returns. 

GST revenue has been less than expected, ET Bureau reported. The GST Council also looked into how to combat fake invoices and GST fraud. It is widely believed that digitising the system will cut down on fraud. The Union Government launched a new drive to cut down on GST fraud in June. The GST was introduced in July 2017 to replace the previous Value Added Tax system.