GST Council set to give relief to SMEs and exporters today

08 October, 2017, 01:05 | Author: Gladys Mathis
  • EU Lends Support to India's New Tax Regime

"So far 15.5 lakh taxpayers have opted for composition scheme", Jaitley said.

The reverse charge mechanism has been deferred till August 31, 2018.

The GST Council reduced the GST from 12 per cent to 5 per cent, where material component was less and labour component is more than 25 per cent.

E-way bill to be implemented from April 1, says FM Jaitley.

The decision follows recommendations of a high power committee headed by Revenue Secretary Hasmukh Adhia that looked into ways of addressing the difficulties faced by exporters post-GST and the decline in export performance and export competitiveness.

Crisil Research believes that the government's move to relax IGST for six months and faster processing of refunds for exporters would address their liquidity issue and improve business efficiencies in the short term. "Overall, a vision-less government drunk with arrogance is wasting a golden opportunity of putting India on a growth trajectory", Congress communication department head Randeep Surjewala said.

Briefing the media persons after 22nd meeting of GST Council here, Finance Minister Arun Jaitley said that the businesses with turnover of up to Rs 1.5 crore have been allowed to file quarterly returns instead of monthly filings.

October 7: Goods and Services Tax Network (GSTN) CEO Prakash Kumar on Saturday said over 64 lakh old taxpayers have migrated to the new taxation scheme, adding that returns from the month of July are still being filed.

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Composition Scheme limit has been increased from 75 Lakhs to 1 Crore.

The panel of state and Union finance ministers is expected to ease exporters' pain by allowing electronic payment of taxes through "virtual currency", while announcing a series of steps for small and medium enterprises as it seeks to smoothen the implementation of GST.

Shukla also indicated that the higher GST tax slab of 28 per cent is bound to be gradually reduced as the GST council would evolve alternative mechanism and the next GST Council meeting at Guwahati on November 9-10 would see results on this front.

Exporters' tax refunds, which have been pending, will be cleared over the next two weeks - those for July by 10 October, and for August by 18 October.

An e-wallet facility, to be operational from April 1 next year, will be credited with a notional amount as an advance refund, which will be used to pay IGST, GST to tackle cash shortage.

The most pressing problem is to do with the availing of input tax credits by exporters. Service providers can not, however, opt for the composition scheme.

Panaji: The implementation of the Goods and Services Tax (GST) has led to reduction in collection of taxes by 22 per cent in Goa so far as compared to the revenue collection during the corresponding period past year, a senior official said.

# Those who have up to Rs 1.5 cr turnover will file quarterly returns instead of monthly. It has now been made a decision to exempt those service providers whose annual aggregate turnover is less than Rs 20 lakh from obtaining registration even if they are making inter-state taxable supplies of services.

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