Sops rain at 22nd GST Council meeting

M'sians Will Likely Have To Pay GST To Stream Netflix And iflix

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It is beyond understanding how going back in reverse direction by providing big reliefs for buyers of artificial and real jewelry in Goods and Service Tax (GST) will help normal members of public and traders who can not in general afford purchase of jewelry.

In his welcome remarks, President, PHD Chamber, Gopal Jiwarajka said that GST has completed three months after its implementation and there have been mixed impact on various sectors of the economy. GST Council has considered the implementation experience of the last three months and given relief to small traders...

"The medium and small companies should remain in the tax net, but we will relax their compliance burden", he said. A large number of traders and businessmen were very disappointed with the apparent effects of demonetization and how the Goods and Services tax was implemented earlier in 2017.

Under the composition scheme, the tax rate for traders of goods will be 1 per cent, 2 per cent for manufacturers and 5 per cent for restaurants and suppliers of food or drinks.

A panel is reviewing the 18 per cent GST tax rate that you now pay for eating out at AC restaurants. It will present its recommendations in two weeks.

GST rate on 27 items reduced: FM Jaitley. Currently, anyone making inter-state taxable supplies is compulsorily required to register, irrespective of turnover.




At the meeting, the Council took various decisions in a bid to provide relief to small and small businesses. Eating out could get cheaper after that. You can read the official description here.

Briefing reporters after a marathon eight-hour meeting, Jaitley said that businesses with turnover of up to Rs 1.5 crore - which constitute 90 per cent of the taxpayer base but pay only 5-6 per cent of the total tax - are now allowed to file quarterly returns as against monthly filings. 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.

"The GST Council has already taken pro-active measures in rationalizing GST rates in the recent past and the trend would continue in future wherever the taxation is deemed to be slightly on the higher side".

The scheme can not be opted by supplier of services other than restaurant related services; manufacturer of ice cream, pan masala, or tobacco; casual taxable person or a non- resident taxable person; and businesses which supply goods through an e-commerce operator, according to PTI. The meeting of the GST Council was advanced from late October to ensure fast resolution of concerns of exporters and small businesses.

While speaking to ANI, Senior Congress leader Sandeep Dikshit said, "The Congress has always demanded tax relief for exporters and also fought for the people's needs in the country".

Exporters have also been facing working capital squeeze due to delayed tax refunds.

An e-wallet system, a virtual currency meant for refund of taxes to exporters on the basis of past records or confirmed orders, would be introduced from next financial year. Immediate relief is being given by extending the advance authorization (AA), export promotion capital goods (EPCG) and 100 per cent export-oriented unit (EOU) schemes to sourcing inputs from overseas as well as domestic suppliers.

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