Tuesday, Mar 19 2019 | Time 22:15 Hrs(IST)
image
  • US Treasury sanctions Venezuela's gold mining company, chief
  • Cricket fever builds as Emirates reveals ICC Cricket World Cup livery
  • Things happening as per script, Balakot airstrikes are ‘election stunt’: Mehbooba
  • Massive anti-Maoist drive underway in view of Lok Sabha election
  • Four wanted criminals arrested in Gorakhpur
  • Mexican President signs declaration promising not to seek re-election in 2024
  • Congress fields Kishore Gajbhiye from Ramtek seat
  • BJP MP Election Committee readies panels
  • BJP MP Election Committee readies panels
  • No propaganda over defence personnel : ECI's 2nd advisory to political parties
  • Five killed in Egypt's Giza as man opens fire at pedestrians
  • Eight candidates file nominations for Lok Sabha election in Bihar so far
  • Prez appoints 9 member Lokpal with Justice P C Ghose as chairperson
  • Pvt firm cashier robbed of Rs 16 lakhs by tricksters at Thane
  • Jitan Ram Manjhi to file nomination on Mar 25
Business Economy


CII welcomes proactive measures taken by GST Council in its 32nd meeting

CII welcomes proactive measures taken by GST Council in its 32nd meeting

New Delhi, Jan 11 (UNI) CII strongly welcomed the proactive measures taken by the GST Council in its 32nd meeting held on January 10.

“The GST Council led by Finance Minister Arun Jaitley has once again shown its complete commitment to ensuring a smooth and facilitative indirect tax regime in the country,” stated CII Director General Chandrajit Banerjee on Friday.

In a statement here, the CII noted that the GST Council, since the introduction of the GST in July 2017, has continuously moved towards a simpler tax system.

It has steadily reduced the tax rates on many items, ensuring a movement towards a 3-slab GST structure with a standard rate, a higher demerit rate and a lower rate for items consumed by the poor.

The Council has further proactively addressed procedural matters, enabling smaller enterprises to file returns at intervals and extending the time for adjustment.

It has also taken up issues of consistency to minimize disputes and litigation, stated the CII press release.

The CII said that the Council’s decision to double the threshold limit for exemption from registration and payment of GST to Rs 40 lakh in the general category states brings huge relief to lakhs of small enterprises. These would no longer be liable to prepare returns and pay taxes from April 1, 2019,

enabling them to conduct their business smoothly.

The confederation welcomed the extension of the composition scheme for services in particular. It stated that including suppliers of services and mixed suppliers under the composition scheme with a tax rate of 6 per cent would greatly help small service providers and professionals earning less than Rs 50 lakhs per annum.

It would lower costs for buyers of these services down the supply chain as well.

The CII had recommended including services enterprises under the Composition Scheme and thanks the GST Council for this decision.

Felicitating the GST Council for raising the turnover limit for the composition scheme from

Rs 1 crore to Rs 1.5 crore, CII said that this would release numerous small enterprises from the procedural burden. Further, these enterprises can file returns annually, freeing them from the need to maintain documents on a quarterly basis.

A key decision of the GST Council was to set up a group of ministers to look at the possibility of introducing the composition scheme for the residential real estate sector. The residential sector has been impacted due to the divergence between GST on under-construction and finished houses as well as introduction of Real Estate Regulation Act (RERA) simultaneously.

CII hopes that the committee would provide relief to the housing sector, particularly low-cost

housing.

With such progressive decisions from the GST Council headed by Finance Minister Arun Jaitley, CII is confident that GST will emerge as a game-changer for the Indian economy and fulfill the promise of adding 1-1.5 percentage points to the GSP growth rate within the shortest period of time.

UNI RSA ADG 1812

More News

KIAL announces launch of new fund

19 Mar 2019 | 6:38 PM

Kolkata, Mar 19 (UNI): Kotak Investment Advisors Limited (‘KIAL’) today announced that it has launched a new fund which will partner with DivyaSree Developers (‘DivyaSree’), a leading Bengaluru-based real estate developer, to develop and acquire commercial office assets across India.

see more..

MARKET-GUJ-BULLION

19 Mar 2019 | 6:18 PM

Ahmedabad, Mar 19 (UNI) The Ahmedabad Bullion market showed a
divergent trend here today.

see more..

MARKET-GUJ-GRAIN

19 Mar 2019 | 6:17 PM

Ahmedabad, Mar 19 (UNI) The Ahmedabad grain market ruled steady
here today.

see more..

MARKET-GUJ-SUGAR

19 Mar 2019 | 6:14 PM

Ahmedabad, Mar 19 (UNI) The Ahmedabad Sugar market ruled steady
here today.

see more..

MARKET-GUJ-GUR

19 Mar 2019 | 6:13 PM

Ahmedabad, Mar 19 (UNI) The Ahmedabad Gur market ruled steady
here today.

see more..
image