GST Council to trim list of items in highest tax slab

M'sians Will Likely Have To Pay GST To Stream Netflix And iflix

"So far 15.5 lakh taxpayers have opted for composition scheme", Jaitley said. "This will make the filing easy and the load on the system will go down drastically as 90 per cent of the tax payers have a turnover of less than Rs 1.5 crores who now have to file their GST on quarterly basis, in place of monthly one", said the Finance Minister. Pratik Jain, leader, indirect tax, PwC, said: "Deferring reverse charge mechanism on purchases from unregistered dealer is a step in the right direction, which will avoid complex paperwork by purchasers".

Of daily use items, GST on zari work, unbranded ayurveda medicine, dried mango, e-waste, plastic and rubber waste has been reduced to five per cent. Tax on stationery items, diesel engine parts, pump parts, flooring stones other than marble and granite has been reduced to 18 per cent. GST has been abolished on import of a number of goods, including rigs for oil and gas exploration and medicines supplied free by global agencies and bona fide gifts up to Rs5,000.

Banerjee also stated that raising of turnover for composition scheme from Rs 75 Lakh to Rs 1 crore and deferment of E-way bill provisions till April 2018 are indeed a big relief which will help trade and industry in getting adjusted to the GST compliances.

Exporters will now get refunds from one authority only and have been exempted from furnishing bond and bank guarantee when they clear goods, the press release said.

Commerce Minister Suresh Prabhu said in a tweet his department was working with Jaitley to address GST-related issues of exporters.

The 22nd GST council meeting chaired by Finance Minister Arun Jaitley on Friday made a decision to provide in some relief for the small and medium enterprises (SMEs) in the Goods and Services Tax (GST) regime.

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Compliance burden of medium and small taxpayers in GST being cut; eligibility of Composition Scheme raised to Rs 1 cr: FM.

The Goods and Services Tax (GST) Council on Friday gave a major relief to the general public, small traders and exporters.

GST on unbranded namkeen, unbranded ayurvedic medicine, sliced dried mango and khakra has been cut to 5 per cent from 12 per cent, while the same on man-made yarn used in textile sector has been reduced to 12 per cent from 18 per cent.

First, the Council announced that it would expedite the pending input tax credits payouts - the payment for July is to be completed by October 10, and for August by October 18.

The Council has also decided that an e-wallet system is to be created for exporters, to be launched from April 1, 2018, through which they will pay taxes and get their refunds. A technology company will be allotted the task to develop e-wallets for exporters. The GOM will have to submit its report within a period of two weeks. It has now been chose 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.

"There is an impression that large restaurants with 18 per cent tax have not reduced the prices despite the benefit of input tax credit being available", said Jaitley. Service-providers then may deposit GST only on services where GST might not have been deposited by those availing service.

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