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Relief In Sight For SMEs And Exporters As GST Council Meets Today

07 Октября 2017

The government pushed for the measures in the wake of outcry from small businesses and exporters becoming a political tightrope for the ruling NDA.

Also, Infosys has sent its technical representatives to all the states to help them address the issues.

Rahul Gandhi had said earlier in the day that petrol and diesel should be brought under the GST regime to prevent excessive profiteering.

Indore: Giving a heavy blow to the great expectations of anguished traders, decisions taken by GST council could hardly charm them even half way mark.

The apex indirect tax body CBEC will inform the Council that it is ready to release Integrated GST (IGST) refunds to exporters from October 10. For July, from October 10 and from October 18 for August. Jaitley also introduced that e-wallet scheme for them will be launched by 1 April. The exporters will receive some notional credit in their e-wallet as an advance.

Observing the difficulties faced by exporters after the implementation of GST, leading to a decline in export performance and export competitiveness, the council in September set up a high power committee on exports under revenue secretary Hasmukh Adhia to recommend suitable strategies for helping this sector, according to a finance ministry press release.

The Council is also discussing other relief measures for traders, including quarterly return filing.

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Video-on-demand service iflix today said it had been GST-compliant since it first made its service available to Malaysian consumers.

Businesses with annual turnover of up to Rs 1.5 crore are eligible to switch over to the quarterly schedule. "About 90 per cent of the taxpayers will benefit from this change".

Under the Value-Added Tax system, there was a provision of filing returns for three months, but under GST, all taxpayers small and big had to file monthly returns.

Shah, who is supposed to provide critical political feedback, cancelled his return to Kerala on Thursday for the planned padyatra.

"We appeal to people to file returns on time".

The finance Minister further informed that persons who are otherwise eligible for composition scheme but are providing any exempt service (such as extending deposits to banks for which interest is being received) were being considered ineligible for the said scheme. Food served at restaurants attract tax at two rates under GST - 12 per cent and 18 per cent - depending on whether it is an AC restaurant or whether it serves alcohol.

The composition scheme is a less paperwork scheme. It is believed that a large part of job losses over the past months have happened in the SME sector as they found it hard to deal with a tax regime that required traders to focus more on tax filing than doing business.

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Relief In Sight For SMEs And Exporters As GST Council Meets Today