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Business Economy


India Inc hails GST Council decisions; says, it will have positive impact

India Inc hails GST Council decisions; says, it will have positive impact

New Delhi, Oct 7 (UNI) Various chambers and traders bodies have applauded the decisions taken by the Goods and Services Tax Council, saying that it will have positive impact on the economy and system. GST Council has increased the limit of composition scheme and had announced various measures to allow exporters to get their block capitals in the tax net. The Council had also allowed the quarterly filing of taxes for those who had a turnover of up to Rs 1.5 crore. The decisions came out late in the evening on Friday. In his comment, Chandrajit Banerjee, Director General, CII said the SME sector compliance will greatly improve as limit for composition scheme has been increased to Rs 1 crore. Now for SMEs 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. Mr Banerjee further commented that deferment of Reverse Charge Mechanism (RCM) is welcome as it encourages registered taxpayers to continue sourcing from small and unregistered taxpayers. The decision to bring down rate for AC restaurants to 12% and reduction of tax slabs for around 60 items to 5 per cent from 12 per cent will help boost household spending and further economic growth, said Mr Banerjee. He also stated that raising of turnover for composition scheme from Rs 75 lakh to Rs 1 crore and deferment of E-way bill provisions till April 2018 are indeed a big relief which will help trade and industry in getting adjusted to the GST compliances. Regarding the e-wallet scheme for exporters and move to reimburse them within the next week, CII said this was a much needed step and would help exporters save costs of working capital. The traders body, Confederation of All India Traders (CAIT) said that various relief granted by the GST Council will be a major breakthrough in simplifying GST and encouraging fast adoption & access of GST among the trading community of the Country and will clear the air of uncertainty and chaos. While reacting on the outcome of GST Council meeting, CAIT said in a statement that in the wake of current situation where traders are a depressed lot, such relief were much awaited​ and will change the code and color of GST on a positive note. PKD Nambiar, president of National Foundation of Justice and Development & MD of Bsquare Group and marketing expert said that GST Council has given great relief to a large number of people which will allow less burden on administrative institutions too. He said, 'Its good that Central and State Governments are understanding the problems of common people and acting accordingly to make the system easy. Allowing quarterly filing is a right step in right direction. But it should allowed to all without any cap.' Archit Gupta, Founder & CEO ClearTax said that small businesses stand to benefit from reduced return filing compliance and this decision will be widely welcomed. Abeyance of RCM, no GST on advances for those with turnover of less than Rs 1.5 cr is a major relief too. He added that the limits for composition scheme has been increased but the services sector is still devoid of this scheme and we hope they will be considered in the near future so the scheme can see wider acceptance. UNI ADP AE 1521

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