Technology

Arun Jaitley eases GST for SMEs; tax on 27 items cut

Arun Jaitley eases GST for SMEs; tax on 27 items cut

Under composition scheme you need to file quarterly returns and hence it has been decided that taxpayers with turnover Rs. 1.5 crore, will also now file quarterly returns instead of monthly returns.

This scheme is optional under the manufactures other than those of ice creams, pan masala and tobacco products have to pay a 2 percent tax on their annual turnover.The tax rate would be 5 percent for restaurant and 1 percent for traders.

Finance Minister Arun Jaitley said on Friday that GST related concerns of small-scale traders and exporters have been addressed after taking stock of last three months.

Merchant exporters will now have to pay nominal GST of 0.1% for procuring goods from domestic suppliers for export, the finance ministry said in a tweet.

"Every exporter will now get an e-wallet". GST Council has also thought of bringing down tax rate on AC restaurants with no ITC from 18 per cent to 12 per cent.

The BJP-led Modi government has announced a slew of changes to its tax laws in a bid to ease the burden on small and medium businesses, which have suffered the most since the introduction of a new national tax earlier this year.

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Rate on many job work items reduced to 5% from 12%.

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.

No input tax credit can be claimed by those opting for composition scheme.

India slashed tax rates on 27 items and extended the period for small businesses to file returns in a bid to reverse the economic sentiment dampened by a chaotic roll out of the new nationwide sales tax.

Taking stock of the exporters' working capital that was getting blocked under GST affecting their cash liquidity, the Council has made a decision to disburse their refunds through cheques for July and August from October 10 and October 18 onwards respectively. "A Group of Ministers is being formed to look into it and they will look at it urgently and in two weeks will submit the report", said Jaitley. It is likely that the government may increase the time limit for filing returns and also extend the deadline for registering with composition scheme till March, 2018.


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