(TOI)
The GST Council did not raise the cess on auto industry as much as it was expected to, lowered rates on 40 items of daily use, extended the date for filing returns and set up a panel of ministers to monitor issues faced by the GSTnetwork.
The council, which met in the capital of Telangana on Saturday for nearly 8 hours, softened the blow on the car industry by introducing only a part of the 10% cess on automobiles, and imposing it in a graded manner.
Finance minister Arun Jaitley said the new cess structure for automobiles is aimed at maintaining the balance between the need for revenues and encouraging manufacturing in the country.
