Sources said the 41st meeting of the Goods and Services Tax (GST) Council would be a single agenda meeting on states' compensation to be held via video conferencing.
Friday proved to be a big day for India Inc. After a slew of tax concessions including reduction in corporate tax from 30 per cent to 22 per cent, the GST Council has lowered tax on a number of goods and services to spur demand.
Wadhera welcomed the bold announcements including the reduction of the corporate tax rate to 22 per cent and no minimum Alternate Tax for companies not availing incentives under the Income Tax Act.
The decisions by the GST Council were welcomed by the Industry body Ficci, that said the development will ease the compliance burden.
The council would also consider a composition scheme for small suppliers, apart from discussing levying a calamity cess as well as GST rates on the lottery.
The annual revenue implication of the rate cuts would be Rs 5,500 crore, Finance Minister Arun Jaitley said.
Chattisgarh and Rajasthan, where the Congress came to power earlier this month, sent only officers to attend the GST Council meeting, Madhya Pradesh did not send any representative, PTI reported quoting sources.
Political parties, including Congress, have been demanding that the petrol and diesel be brought under the GST so that duties on them can come down that will reflect in lower prices at the pump.
The inclusion of natural gas within the GST purview on an experimental basis would be put before the GST Council in its forthcoming GST Council meeting
The Council, headed by FM Arun Jaitley, is scheduled to meet on November 10 to consider lowering of the 28 per cent GST rate on certain common use items, government officials said.
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