GST Council to vet e-way, anti-profiteering rules on Jun 18

TIL Desk/Business/New Delhi/ The all powerful GST Council will meet on June 18 to finalise tax rates on lottery as well as rules relating to e-way bill and anti-profiteering measures.

This will be the 17th meeting of the GST Council, chaired by Union Finance Minister Arun Jaitley and comprising state counterparts. The Council has already finalised tax rates on almost all goods and services in the bracket of 5, 12, 18 and 28 per cent.

The Council may also review rates on certain items, and approve draft GST rules and related forms for advance ruling, appeals and revision, and assessment and audit. In the last meeting of the Council on June 11, tax rates on 66 items, including agarbatti, packaged food and insulin, were lowered.

With regard to hybrid cars on which industry has been seeking a reduction, Jaitley had hinted that it will not be reviewed, saying the industry demands were not in sync with a study conducted by tax officers.

The Council had last month fixed 43 per cent tax (28 per cent GST plus 15 per cent cess) on hybrid cars, a rate that industry felt was too high for the fuel efficient vehicles.