The Goods and Services council on Thursday revised rates on 53 categories and 29 items of services, finance minister Arun Jaitley said after the council's 25th meeting held in Delhi.
The meeting held special significance as key decisions were expected to come out ahead of the Union Budget, to be presented on February 1. The new rates will be applicable from January 25.
However, the council has not yet finalized on any decision regarding simplifying the process of GST filing. The matter though was discussed and Nandan Nilekani gave a detailed presentation on the matter, Jaitley said.
The council was expected to do away with multiple return forms under GST by combining some forms. It was expected that GSTR-1, 2 and 3 forms will be clubbed under one single 'simplified' form for small traders and taxpayers eligible under the composition scheme.
The council is expected to meet in the next 10 days via video conferencing, to deliberate upon the matter.
Jaitley further said that a large amount of credit line in IGST was also discussed. Jaitley said the GST Panel has also decided to divide Rs 35,000 crore IGST collections between the Centre, and states.
When asked if there was any discussion on whether the GST Council took a decision on bringing petrol or diesel under the purview of GST, he confirmed that no such discussion was held on the matter.
Composition scheme allows small businesses to pay taxes at a concessional rate and makes compliance easy under the Goods and Services Tax (GST). The composition scheme is open for small businesses whose turnover does not exceed Rs. 1.5 crore.