Thursday, Mar 22 2018 | Time 09:25 Hrs(IST)
image image
  • Texas serial bomber made video confession before blowing himself up -police
  • Zuckerberg apologizes for Facebook mistakes with user data, vows curbs
  • N Korea's rubber-stamp parliament to meet in April ahead of inter-Korean summit
  • PNB Scam: UFBU delegation meets Jaitley, urge to bring main culprits to India
  • S Korea presidential office proposes two-term presidency, lower voting age
  • Boult rips through England, tourists on 23-8
  • U S Congress unveils $1 3 trillion spending bill as shutdown looms
  • U S spending bill includes bid to solve international email privacy impasse
  • PNB Scam: UFBU delegation meets Jaitley, urge to bring main culprits to India
  • Texas serial bomber made video confession before blowing himself up -police
  • Republican concedes to Democrat in close U S House race in Pennsylvania
  • China partially wins WTO case over Obama-era U S tariffs
  • S Korea has contingency plan if market volatility widens-vice finmin
  • Mattek-Sands loses on comeback but earns warm applause
  • Man United apply to establish professional women's team
Business Economy Share

GST: Big relief to small traders; composition limit raised to Rs 1 cr; bonanza for exporters

GST: Big relief to small traders; composition limit raised to Rs 1 cr; bonanza for exporters
Finance Minister Chairing 22nd meeting of the GST Council in New Delhi, Oct. 6, 2017

New Delhi, Oct 6 (UNI) Giving a major relief to small traders, the Goods and Services Tax (GST) Council on Friday raised the composition scheme limit to Rs 1 crore from present Rs 75 lakh and announced bonanza for the exporters so that they could get their blocked capital in the tax net. Not only this, the Council also reduced the tax rates of 27 items paving the way for reduction in their price. Briefing the media persons after 22nd meeting of GST Council here, Finance Minister Arun Jaitley said that the businesses with turnover of up to Rs 1.5 crore have been allowed to file quarterly returns instead of monthly filings. “This will make the filing easy and the load on the system will go down drastically as 90 per cent of the tax payers have a turnover of less than Rs 1.5 crores who now have to file their GST on quarterly basis, in place of monthly one,” said the Finance Minister. Giving the details of deliberations and decisions of the day long meeting, Mr Jaitley said that the GST Council has agreed to allow SMEs with turnover of up to Rs 1.5 crore to file quarterly returns instead of monthly filings. About 90 per cent of the taxpayers will be benefited by this change. The threshold for composition scheme in GST has been hiked from Rs 75 lakh to Rs 1 crore for businesses to avail of the composition scheme. Under the composition scheme, a taxpayer is required to file summarized returns on a quarterly basis, instead of three monthly returns. Mr Jaitley said traders, manufacturers and restaurants will pay 1 per cent, 2 per cent and 5 per cent respectively under composition scheme. Service providers cannot opt for the scheme.

The GST Council also reduced rates for a bevy of goods and services. As many as 27 items including unbranded namkeen, unbranded ayurvedic medicines, hand made yarn, ICDS food packages, khakra chapati, waste obtained from rubber, plastic and paper have been brought under the 5 per cent slab. Among services, job works like zari work, imitation jewellery and printing items have also been brought under this slab. 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, Mr Jaitley said. Moreover, an e-wallet will be created for each exporter by April 1, 2018 to carry forward the process. Till then, the exporters will have to pay a nominal GST of 0.1 per cent. He said that the roll out of e-way bill, another issue that has been under consideration for a long time, has been deferred to March 31, 2018. The experience of Karnataka where it is in place has been encouraging,” said Mr Jaitley. He added that Group of Ministers would be formed to study taxation regime for restaurants, especially on bifurcation on basis of AC & non-AC restaurants. Group of Ministers to decide on bringing down the rate for AC restaurants to 12 percent. Mr Jaitley said reverse charge mechanism for transactions between registered and unregistered businesses has been deferred till March 31, 2018. A group of ministers has been set up to decide on turnover calculation mechanism and its report is due in two weeks. On the occasion, Revenue secretary Hasmukh Adhia said that 90 percent of the taxpayers will file quarterly returns and pay tax every three months as well. He added that 2 per cent tax will be applicable on manufacturing companies under composition scheme while 5 per cent tax will be applicable on restaurants under the same scheme.



More News

22 Mar 2018 | 7:38 AM

Mr Nair and Mr Bandlish said that this fraud has exposed the vulnerabilities of the Banks in regard to supervision and control internally and externally and also from the regulator’s point of view.

 Sharesee more..

PNB Scam: UFBU delegation meets Jaitley, urge to bring main culprits to India

22 Mar 2018 | 7:36 AM

Hyderabad, Mar 22 (UNI) A delegation from United Forum of Bank Unions (UFBU) met Finance Minister Arun Jaitley in Parliament in connection with Punjab National Bank (PNB) on Wednesday.

 Sharesee more..

BHEL signs TCA with HLB Power, Republic of Korea

21 Mar 2018 | 8:12 PM

New Delhi, Mar 21 (UNI) Bharat Heavy Electricals Limited (BHEL) has entered into a Technology Collaboration Agreement (TCA) with HLB Power, Republic of Korea for in-house design and manufacture of Large size Gates and Dampers for use in Coal fired power plants, to be commissioned or retrofitted with high capacity emission control equipment.

 Sharesee more..

NOC not needed for export consignments: CDSCO

21 Mar 2018 | 8:03 PM

Hyderabad, Mar 21 (UNI) Central Drugs Standard Control Organisation (CDSCO), Ministry of Health and Family Welfare, Government of India has issued an order on Wednesday notifying that No Objection Certificate (NOC) for export consignments to any country shall not be insisted, if such shipping bills are filed by the manufacturer himself, having valid license under Drugs and Cosmetics Act & Rules
In order to ensure an enabling environment for industrial growth the State Government will
champion cause of the industry with Government of India said Industry Minister KT Rama Rao during BioAsia 2018.

 Sharesee more..

CBDT invites suggestions, feedback for drafting of new Direct Tax Law

21 Mar 2018 | 7:44 PM

New Delhi, Mar 21 (UNI) Central Board of Direct Taxes (CBDT) has invited suggestions and feedback from stakeholders and general public in the format provided on the departmental website for the drafting of the new Direct Tax Law.

 Sharesee more..