GST simplified for SMEs, exporters

GST likely for Netflix and iflix soon

By October 10, payment of the held-up refund of IGST paid on goods exported in July would start.

The report also suggested a possible GST rate cut in the luxury goods category which now is in the 28 per cent tax bracket. Exporters will have e-wallet from 1st April, 2018 for getting their refunds.

The all-powerful Council, at its 22nd meeting, is also likely to assess the improvements in the GST Network's functioning, officials said.

The new tax system, which took effect July 1, replaced the country's unruly tangle of federal and state sales taxes with a single, nationwide levy.

The GST Council also said that it is considering the changes for a number of other items and an announcement on any further development will soon follow. For the GST tax rate of 12 per cent, it is split at 6 per cent Central GST (which goes to the Centre's kitty) and 6 per cent State GST (which goes to the state's kitty). It will also look at the taxation structure for restaurants, Jaitley said. "Impact of GST on various sectors was discussed".

Turnover threshold for SMEs raised to Rs 1 crore to avail of composition scheme.

He also clarified that small businesses will also have to file returns for three months - July, August and September - and can switch to quarterly filing from 1 October. The decision, an interim one, was based on the recommendations of a committee headed by Revenue Secretary Hasmukh Adhia. "It's nearly three months since GST roll out... returns have been filed for first two months as well". The composition threshold limit under GST has been enhanced from 75 lakh rupees to one crore. In the e-wallet, there would be a notional amount for credit. In the coming days, the states may not have to face any shortfall. "Certainly, the need of the hour is to provide impetus to the business growth and it appears that the government is openly looking into the concerns of the businesses".

Andhra Pradesh Government had reiterated the request of exemption or reduction of the Goods and Service Tax (GST) rates levied on certain goods used by common people or low-income people.

However, as far as the composition scheme is concerned, service providers can not opt for it, other than restaurant related services; manufacturer of ice cream, pan masala, or tobacco; casual taxable person or a non- resident taxable person; and businesses which supply goods through an e-commerce operator. This group will give its report in two weeks.

GST rate cuts have also been done for unbranded ayurvedic medicines, e-waste, and plastic.

Reports quoting sources said the GST Council has made a decision to relax the reporting requirement for gold purchases.

Till then exporters' future exports they will become nominal GST, and on top of 0.1 per cent, merchant exporters can export.

Related news:

Hot News

isis-killer-beheading-video-story-top ALDS Takeaways: Cleveland gambles on Trevor Bauer and wins big
Oct 07, 2017 - 08:06
If James did decide to root for the home team ( which he's done before ), Francona would welcome him with open arms. Kipnis is new to the position and certainly a liability at one of the game's most important defensive positions.

isis-killer-beheading-video-story-top Trump to 'decertify' Iran nuclear deal
Oct 06, 2017 - 15:55
Every other country involved has no desire to renegotiate the deal, so there's no way for Trump to "fix it". Embassy and seized scores of hostages in Tehran during the country's revolution in 1979.

isis-killer-beheading-video-story-top Google announced two new Home smart speakers
Oct 06, 2017 - 09:55
The company is also working on improved voice recognition. "Clips looks for stable, clear shots of people you know", Google says . And Amazon , to its credit, has put in a lot of work in nudging you towards the right skill, depending on your question.

isis-killer-beheading-video-story-top Houston Astros vs. Boston Red Sox Game Two
Oct 06, 2017 - 09:40
After another home run from Altuve in the fifth padded their lead, they chased Sale by opening the sixth with a double and a walk. It was just the second time in his eight-year career that the potential Cy Young Award victor had given up six extra-base hits.