GST council has released the revised new GST rates for these

by Garry Watts October 7, 2017, 0:09
GST council has released the revised new GST rates for these

A major revamp of the goods and services tax (GST) is on the agenda of the GST Council today as part of efforts to address the grievances of small-scale industries, traders and exporters.

Keeping in view of the liquidity problem being faced by the exporters, the Council has chose to immediately start refund process for the month of July by 10th October while exporters can get refund of August by 18th October.

Import IGST likely to be exempt for exports, e-Wallet for exporters likely to be available from April, it added.

Traders will now have to pay fixed tax rate between 1% - 5% under the composition scheme.

Now forSMEs with annual turnover of Rs 1.5 crore will be allowed to file quarterly returns, this will be a big relief to the small-scale players.Banerjee further commented that deferment of ReverseCharge Mechanism (RCM) is welcome as it encourages registered taxpayers to continue sourcing from small and unregistered taxpayers.

E-way bill to be implemented from April 1, says FM Jaitley.

Primary among the decisions taken on friday, the all-powerful Council slashed tax rates under GST for a total of 27 items.

Duty on food preparation distributed in containers to economically weaker sections under state or central government schemes is expected to be reduced from 18 per cent to 5 per cent.

- Sliced dried mangoes reduced from 12% to 5%.

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Jaitley also revealed that about 72 lakh taxpayers have been migrated to the GST system while 25-26 lakh are new taxpayers under the new taxation system.

- Diesel engine parts - brought down to 18% from 28%.

Also, salwar suit in a three-piece set has been classified as fabric and 5 per cent GST would be levied on it. Irrationality of 28 per cent tax slab under GST should be considered and those items that do not fall under luxurious and demerit category but have been placed in 28 per cent tax slab should be brought to lower tax segment, they said.

- Services - zari job work - down from 12% to 5%.

For manufacturers and restaurants, Jaitley said traders would pay 1 per cent, 2 per cent and 5 per cent respectively under the composition scheme.

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.

Speaking to reporters, Jaitley said, " GST doesn't have exemptions, and hence there will be an e-wallet for each exporter with a notional advance refund amount.

No input tax credit can be claimed by those opting for composition scheme.

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