The 31st meeting of goods and services tax (GST) council is all set to commence in New Delhi on December 22. The agenda of the meeting is currently under discussion, the council might take up the matter of reduced rates on the third party insurance premium, government officials told CNBC-TV18.
Currently, the third party insurance premium is in 18 percent tax bracket.
However, the officials made it clear that any large-scale rate rationalisation is currently out of question given the pressing revenue conditions.
Meanwhile, the government is also likely to consider the proposal of businesses and traders to delay the deadline of filing annual GST returns for the year 2017-18 from 31 December 31, 2018, to March 31, 2019.
Central board of indirect taxes and customs is also likely to put forward for council’s consideration to make the process of refunds completely online.
The council shall also take a status update on the pending reports of two sub-committees on sugar and disaster cess.