GST Council Meeting Brings Relief For Exporters, Small Business

PETALING JAYA Video-on-demand service iflix today said it had been GST-compliant since it first made its service available to Malaysian consumers

The government has also reduced the GST on products such as unbranded savory snacks, roti and unbranded ayurvedic and homeopathic medicines to 5 percent.

"We are not in a denial mode that there is a problem in the SME (small and medium enterprises) sector", said a senior lawmaker who has been working with Modi's office to combat the economic slowdown.

Jaitley said input tax credit for exporters for July and August, estimated at $10 billion, would be refunded soon.

Exporters were exempt from paying certain taxes on inputs under previous rules, but the new system required them to pay those taxes and then seek refunds, which takes time and has dried up cash availability.

Instead of monthly return the taxpayers with turnover Rs. 1.5 crore, will now be allowed to file quarterly returns. A food trader for instance, may be selling unbranded food pro ducts such as flour and daal along with packed and branded items, which face GST.

Notably, after the day-long meeting, it was announced that to address the liquidity problem that exporters faced, even after three months of rolling the GST, the council announced six-month tax relief for the exporters.

Stationary items, flooring stones other than marble and granites, parts of diesel engine and pumps will now attract 18 per cent GST against the present rate of 28 per cent, Jaitley added. "Smaller ones have low tax burden, but it was felt their compliance burden is high", the minister said, explaining the rationale behind the move to relax compliance for the sector, which was known to have been hit hard by the switchover to the new tax regime from July 1.

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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.

Not only this, the Council also reduced the tax rates of 27 items paving the way for reduction in their price.

GSTN will have a big challenge ahead to adapt the IT structure according to the frequent changes being done by the GST Council.

"Traders having Rs 1.5 crore turnover, which are approximately 90% of assessees outside Composition Scheme, can now file quarterly return", Finance Minister Arun Jaitley said after the Council's 22nd meeting here, coming two days after Prime Minister Narendra Modi promised to remove the shortcoming in the new indirect tax regime and to ease woes of traders. As per the new announcements, a panel is reviewing the 18% GST tax rate on AC restaurants to bring it down to 12 %. Exporters will have to pay a nominal 0.1% tax on exports until March 31, 2018.

Service providers can not opt for the composition scheme.

Banerjee further commented that deferment of Reverse Charge Mechanism (RCM) is welcome as it encourages registered taxpayers to continue sourcing from small and unregistered taxpayers.

He also called for a "surgical strike" on the anomalies that prevailed in GST.

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