The GST Council discussed issues faced by small traders and requested quarterly filing of returns for small businesses, Ramakrishnudu told reporters after the meeting concluded. Furthermore, under GST regime, there would be output taxes at the time of supply of output of the mines but at the same time the input tax cost incurred by the miners would be allowed as credit. GST rate for AC restaurants may get come down to 12 per cent from existing 18 per cent. One of its main demands to reduce the GST rate on certain components of public works was conceded and brought down to 5%. The composition scheme net has been widened to taxpayers with turnover up to INR 1 crore. The scheme can be availed only by those businesses that operate within state and do not have inter-state sales.
As small and medium enterprises (SMEs) and exporters grapple with the implementation of the Goods and Services Tax (GST) and politicians critique the economic slowdown blaming demonetisation and GST implementation, the GST Council is set to meet on Friday. So the threshold has been now increased.
The Composition Window will be reopened for the traders to migrate or register to the composition scheme. That means instead of boosting economy as propagated by the proponents of the new tax regime, GST has led to decline in the growth numbers. E-wallet gateway will be developed and introduced after six months.
Jaitley also announced that for a long-term solution of exporters e-wallet will be created where national amount will be given in advance.
GST has been abolished on import of a number of goods, including rigs for oil and gas exploration and medicines supplied free by worldwide agencies and bonafide gifts up to Rs 5,000. "So two million more businesses have to file in the next six days", GoM Chairman and Bihar Deputy Chief Minister Sushil Modi told reporters after chairing the GSTN meeting. "The e-wallet facility will be initiated as soon as possible, preferably by April 1, 2018" said Jaitley.
"The reverse charge mechanism will be reviewed by a committee of experts. Today's recommendations will immensely help small and medium business", the prime minister said in a tweet.
Real Zari - from 12 percent to 5 percent. Service providers with revenues less than 20 lakh per annum will not be liable to pay IGST.
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