tiptrot.com June 23, 2018

GST Meet: Four key reforms expected to small business enterprises

07 October 2017, 12:11 | Bernice Figueroa

It will review the provisions of imposing taxes on customers in restaurants.

Earlier on 9 September meeting, FM announced three cess slabs for mid-sized cars, luxury cars and SUVs in which the mid-size cars will attract two per cent hike, five per cent hike on luxury cars and seven per cent hike on SUVs.

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 manmade yarn used in textile sector has been reduced from 18 per cent to 12 per cent.

Finance Minister Arun Jaitley will on Friday chair a meeting of the council for the Goods and Services Tax (GST), a landmark reform which turned India's 29 states into a single customs union for the first time.

According to another report on CNBC TV 18, GST Council is mulling move back to pre-GST regime benefits for exporters which means inputs to exporters likely to get deemed export status. GST Council may also approve suspension of reverse charge till March 31.

The e-wallet option will be launched by 1st April, Jaitley added. The council will then recommend some relaxation so that the working capital of exporters that is locked up in refunds is released.

He said with this, the department would meet its targeted GST collection of RM42bil for this year as part of its Key Performance Index.

He said that there were representations on issues related to MSMEs & exporters with respect to the GST.

The GST council may also discuss easy compliance issue for exporters.

Source say that approximately over 33 lakh businesses filing the final GSTR-1 return, and the GoM has tasked GSTN to send reminder text messages to the remaining 20 lakh businesses that are yet to submit the tax forms.

The government also revoked GST notification on gems and jewellery.

The GST council may also increase the threshold limit for the composition scheme.

Traders will pay 1%, manufacturers 2% and restaurants 5% under the composition scheme.

While addressing the media after the GST Council's meeting Arun Jaitley said the Council has made a decision to cut GST rate on 27 commonly used items including manmade yarns of different types - a major demand by the textile industry, especially in Surat.

Indian Prime Minister Narendra Modi's government on Friday eased tax rules for small and medium-sized companies, as it rushes to address growing criticism of its stewardship of Asia's third-largest economy.

The changes listed above have been recommended by the GST Council.

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