Friday, Oct 20 2017 | Time 03:22 Hrs(IST)
image
  • Two Republican senators seek to add flexibility to bipartisan health bill
  • US condemns Venezuelan requirement for swearing in governors
  • More Republican US senators back bipartisan Obamacare deal
  • New H7N9 bird flu strain in China has pandemic potential -study
  • Italy's Renzi pledges to hike budget deficit if he wins election
  • Delhi air quality climbs dangerous levels,despite cracker ban
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.


UNI ADP SHK 2150


 

Top News
PM wishes happy Diwali to INSV Tarini crew through video call

PM wishes happy Diwali to INSV Tarini crew through video call

New Delhi, Oct 19 (UNI) Prime Minister Narendra Modi on Thursday made a video call to the crew of Indian Naval Sailing Vessel (INSV) Tarini, currently on a mission to circumnavigate the globe, to extend them Diwali greetings.

see more..
   
19 Oct 2017 | 11:04 PM
43 Afghan troops killed as Taliban attack army base in Kandahar

43 Afghan troops killed as Taliban attack army base in Kandahar

Kabul, Oct 19 (UNI) At least 43 Afghan troops were killed and nine were wounded in a Taliban claimed suicide attack on an army base in Afghanistan's southern Kandahar province, the defence ministry said in a statement on Thursday.

see more..
   
19 Oct 2017 | 6:15 PM
PM celebrates Diwali on border; calls upon jawans to help in building 'New India'

PM celebrates Diwali on border; calls upon jawans to help in building 'New India'

Srinagar, Oct 19 (UNI) Continuing his tradition of celebrating Diwali with security forces, Prime Minister Narendra Modi on Thursday reached Gurez valley, near the Line of Control in Jammu and Kashmir to take part in the festivities along with jawans of Indian Army and BSF.

see more..
   
19 Oct 2017 | 4:14 PM
India to grant medical visas to all needy as Diwali gift

India to grant medical visas to all needy as Diwali gift

New Delhi, Oct 19 (UNI) As a Diwali gift to people abroad, India on Thursday said it will give medical visa to all the needy.

see more..
   
19 Oct 2017 | 5:00 PM
PM greets people on Diwali

PM greets people on Diwali

New Delhi, Oct 19 (UNI) Prime Minister Narendra Modi on Thursday extended his good wishes to the people on the occasion of Diwali.

see more..
   
19 Oct 2017 | 12:50 PM
India can keep an eye on Pakistan: Nikki Haley

India can keep an eye on Pakistan: Nikki Haley

Washington, Oct 19 (UNI) US Am­bassador to the UN Nikki Haley has said that India can help the United States in keeping an eye on Pakistan, as Washington cannot tolerate any government that shelters terrorists.

see more..
   
19 Oct 2017 | 5:13 PM
Accountability Court rejects petitions of Nawaz, Maryam against indictment

Accountability Court rejects petitions of Nawaz, Maryam against indictment

Islamabad, Oct 19 (UNI) Accountability Court on Thursday rejected two separate applications - one by Maryam Nawaz and Captain (retd) Safdar and the other by ousted prime minister Nawaz Sharif - against their indictment.

see more..
   
19 Oct 2017 | 2:54 PM

Delhi air quality climbs dangerous levels,despite cracker ban

20 Oct 2017 | 1:12 AM

New Delhi, Oct 19 (UNI) The ban put on crackers by the Supreme Court failed to have desirous effect on the air quality of national capital, which had crossed the danger level two days before Deepawali and continued to rise today, creating a dangerous situation for the residents.

Two Republican senators seek to add flexibility to bipartisan health bill

20 Oct 2017 | 2:45 AM

WASHINGTON, Oct 19 (Reuters) Republican US Senators Lindsey Graham and Bill Cassidy said on Thursday they were working with Republican Senator Ron Johnson and members of the House of Representatives to add more "flexibility provisions" to a proposed bipartisan bill to stabilize the healthcare insurance market in the short term.

Dempo SC gets the better of FC Goa Development Team

19 Oct 2017 | 9:48 PM

Duler (Goa) Oct 19 (UNI) FC Goa development team lost 4-0 to Dempo Sports Club at the Duler Stadium in Mapusa in the second Goa Professional League game.

Eagerly awaiting public reaction for 'Secret Superstar': Aamir Khan

Eagerly awaiting public reaction for 'Secret Superstar': Aamir Khan

18 Oct 2017 | 6:17 PM

New Delhi, Oct 18 (UNI) As he awaits the release of his film 'Secret Superstar' on Diwali, superstar Aamir Khan says that he has not been able to sleep for the past one week and is eagerly waiting for the reactions of the public.

image