GST On Cement: The GST Council, which is chaired by the Union finance minister and comprises representatives of all states and UTs, may discuss the reduction in GST rates on cement to 18 per cent in its next meeting scheduled for mid-June, ET Now has reported.
Currently, there is a 28 per cent GST (goods and services tax) on cement, and the fitment committee (comprising revenue officials from the central and state governments) is working on the proposal of reducing the GST rate on cement to 18 per cent at the moment.
Earlier, CBIC Chairperson Vivek Johri has said the fitment committee — which studies the effects of rate adjustments — will convene to debate and complete its report on the reduction of a 28 per cent GST rate on cement, before submitting it to the GST Council.
In February, Finance Minister Nirmala Sitharaman also said the government could be open to considering a reduction in GST rate on cement
The 50th GST Council, which is likely to be held during mid-June, is now likely to discuss the issue of GST on cement. Apart from this, it is also expected to take up the matter of GST rate to be levied on online gaming.
In the 49th GST Council meeting in February, the Council agreed to reduce the GST rate on pencil sharpeners from 18 per cent to 12 per cent. It also decided to reduce GST rate on liquid jaggery from 18 per cent to nil or 5 per cent, and also cut tax rate on certain tracking devices.
It also rationalised the late fees on annual returns. Late fee for annual return up to 5 crore has been fixed at Rs 25 per day, subject to an maximum amount of 0.02 per cent of his turnover. For taxpayers having turnover of Rs 5 crore to Rs 20 crore, the late fee would be Rs 50 per day.