Govt may include States FMs suggestions in Budget proposals: Jaitley

State finance ministers will present their wish list for budget 2018-19 to Arun Jaitley and senior finance ministry officials. This will be the first Union budget after the implemention of GST

The reduced rate for goods will be applicable from January 25.

He also said no decision has been taken on simplification of GST return filing. The Council is also expected to make changes in the GST Law to smooth the progress of the release of locked input tax credit in tourism and hotel industry.

Once the e-way bill system is implemented, tax avoidance will become extremely hard as the government will have details of all goods above the value of Rs 50,000 moved and can spot the mismatch if either the supplier or the purchaser does not file tax returns. Jaitley said, " Discussed the simplification of return filing process in the meeting, Nandan Nilekani gave a detailed presentation on simplifying return filing process". Small traders have demanded clubbing together of GSTR-1, 2 and 3 forms into one.

Talking about e-way bill system, Jaitley said the new system will begin on trial basis from January 15, and added that 15 states will start intra-state e-way bill from February 1.

Jaitley met with finance ministers and deputy ministers of states and union territories here today.

Among other things, the GST Council also reviewed the preparedness of GST Network (GSTN) in handling the return filing process as well as for implementing the e-way bill system with effect from 1 February.

Rs 35,000 crore of Integrated GST will be provisionally divided between the Centre and states. "The issue will be discussed then", Pant said coming out of the ongoing 25th GST Council meeting here.

The panel, headed by Finance Minister Arun Jaitley and comprising representatives of all states, at its 25th meeting chose to reduce tax rate on 29 items and 54 categories of services with effect from January 25. "This is indeed a populist move including decision of 40 handicraft items", said Abhishek A Rastogi, Partner, Khaitan & Co in a statement.

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