GST Council decides to reduce compliance burden of small traders

In its second meeting held here on Wednesday the Group of Ministers asked the GST-Network to brace for the rush of last-minute filers. Representational Image
GST likely for Netflix and iflix soon
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07 October, 2017

Exports have to compete globally and that is why, a secretary committee was set up where Central and State officials were present and whose recommendation was considered.

In a relief to exporters, the Minister said returns for the month of July and August would be refunded through cheques from October 10 and October 18 respectively.

The e-wallets will provide exporters the funds to pay the tax without choking liquidity and actual refunds will be offset against advance refund in e-wallet. In the e-wallet, there would be a notional amount for credit. However, post GST, IGST blocked their working capital.

The imposition of GST had made their costing haywire, particularly for products having higher GST rate, as they have to pay GST and seek refund after some time lag, FIEO said in a statement. It will be initiated on 1 April 2018.

For the remainder of the fiscal, merchant exporters will operate under an exempted category after paying a nominal 0.1 per cent tax on purchase from manufacturers.

Exporters will be given eWallets from April 2018, using which, they can directly maintain their payment of GST and claim their refunds.

Speaking in Patna yesterday, he suggested that tax payers with a turnover of up to 1 crore 50 lakh rupees may be permitted to file their returns on a tri-monthly basis. GST Council has also thought of bringing down tax rate on AC restaurants with no ITC from 18 per cent to 12 per cent. This, together with the composition scheme, will cover most assessees. GST Council has reportedly approved quarterly filing of returns besides raising the threshold for composition scheme from Rs 75 lakh to Rs 1 crore. He said in Patna yesterday that under the current tax regime all tax-payers have to file monthly return, which is causing a lot of difficulty to small traders. This adversely affected the small traders, who constitute only 5 per cent of revenue for government. "Participation in these campaigns will be beneficial to consumers, traders and those associated with commerce and industry", said Rao.

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The 22nd meeting of GST Council concluded a couple of hours back and as rumoured, there were a number of significant changes in the GST rules, which were initially implemented from July 1st, 2017.

The GST Council may also defer the reverse charge mechanism.

Similarly, GST rate on artificial jewellery may be cut to 5 per cent from 12 per cent and GST rate cut on unbranded cereals may be cut to 5 per cent from 12 per cent.

Modi, in a rare acknowledgment that economic sentiment had turned negative, this week defended his handling of the economy, which in the June quarter grew at an annual 5.7 percent, its slowest rate in three years.

- Stones used in flooring, except marble and granite - will be now taxed at 18 per cent instead of 28 per cent.

SERVICES: 12 per cent tax will be levied on services such as state-run lotteries, non-AC hotels, business class air ticket, fertilisers and work contracts.


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