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08 October 2017, 01:03 | Melanie Burgess
PM Modi says changes have made GST 'even simpler'
Besides, units up to Rs 1.5 crore turnover have also been allowed to file quarterly - instead of monthly - returns, a move that would allow 90% of the non-composition GST registrants to shift to the easier system of filing returns every quarter.
Under the composition scheme, the tax rate for traders of goods will be one per cent, two per cent for manufacturers and five per cent for restaurants and suppliers of food or drinks.
The E-way bill, which allows for the seamless movement of goods worth over Rs. 50,000, is likely to be implemented April 1, 2018.
Crisil Research believes that removal of IGST on exports for six months and faster refunds will ease the working capital requirement and improve business efficiencies in the short-term for exporters.
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.
Merchant exporters will be able to avail of exemption under advance-authorisation, EPCG and 100% EOU schemes till the end of this financial year. "The government has utterly failed to address structural issues of GST reform through fair and transparent consultations", Congress spokesperson Randeep Singh Surjewalal told the media here at the party headquarters.
On the compliance front, the GST Council has allowed SMEs with a turnover of up to Rs 1.5 crore to file quarterly returns instead of monthly filings.
The panel made a decision to give an option to taxpayers to avail the composition scheme if their turnover is less than Rs. 1 crore as against the previous limit of Rs. 75 lakh.
After three months of the implementation of the Goods and Services Tax (GST), the GST Council, in its 22nd meeting on Friday has announced various measures to further simplify the new indirect tax regime.
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.
In a relief to exporters, it was announced that returns for the month of July and August will be refunded through cheques from October 10 and October 18 respectively, Jaitley said.
Small and medium-sized enterprises, crucial to Modi's plans to create millions of more jobs, have been hurt by a massive tax overhaul launched on July 1 that added layers of bureaucracy for companies and hit exports.
To prevent cash blockage of exporters due to upfront payment of GST on inputs, etc, the Council approved two proposals -one for immediate relief and the other for providing long term support to exporters. In the e-wallet, there would be a notional amount for credit. Service-providers then may deposit GST only on services where GST might not have been deposited by those availing service.
With over 33 lakh businesses filing the final GSTR-1 return, the GoM has tasked GSTN to send reminder text messages to the remaining 20 lakh businesses which are yet to submit the tax forms.
Mahender Singh, Member (GST), in Central Board of Excise and Customs, who also spoke at the conference, said that the highest tax slab of 28% was reviewed by the Council.
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