India Loosens Tax Rules for Small Businesses, Exporters
08 October, 2017, 01:03 | Author: Franklin Nunez
PHDCCI President Gopal Jiwarajka highlighted that three months have passed since the implementation of GST and there have been mixed impact on various sectors of the economy. Though it is very early to make any predictions about the way traders will react to the announcements, the initial trend seems in favour of them and they are likely to welcome the decisions, provided that the small traders were most affected by the introduction of GST from July 1st.
Federal tax body the Goods and Services (GST) Council will consider trimming the list of products in the highest tax bracket of 28% as revenue from the new indirect tax regime stabilises, members of the Council said on Saturday.
Moreover, exporters will continue to get the pre-GST exemptions under the Advance Authorisation and EPCG schemes while importing goods for the objective of exports. The government is planning to roll out a system of e-wallets that would ease the input tax credit refund process.
Merchant exporters will be able to avail of exemption under advance-authorisation, EPCG and 100% EOU schemes till the end of this financial year. This will prevent the working capital of exporters from getting locked up in tax procedures and help improve their liquidity.
The e-way bill will be rolled out between 1 January and 1 April 2018.
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Major decision to raise the threshold for the composition scheme (A scheme under GST for taxpayers where small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover) from Rs 75 lakh in turnover to Rs 1 crore.
Compliance burden of medium and small taxpayers in GST being cut; eligibility of Composition Scheme raised to Rs 1 cr: FM.
Jaitley informed that around 72 lakh taxpayers have been transferred to the GST network whereas 25-26 lakh are new taxpayers.
"Since the implementation of the GST from July 1 this year, nearly 30 per cent of the registered tax payers-cum- traders in Goa have not paid their taxes", a senior official from the department said. The monthly to quarterly switch over for filing of returns for small businesses will kick off from October 1 (they will have to file monthly return for the July-September period). For manufacturers, the rate is 2 per cent and 5 per cent for suppliers of food or drinks (without alcohol).
Prime Minister Modi is on a two-day visit to the state.
Meanwhile, Jaitley said the Council also chose to cut GST rate on 27 items.
Besides yar, GST on unbranded namkeen, unbranded ayurvedic medicine, sliced dried mango and khakra has been cut to 5 per cent from 12 per cent.
To contain the cost of irrigation schemes involving high amount of labour, GST rate has been brought down to 5 percent.
Tax rate on man-made yarn was reduced to 12% from the current 18%, which is expected to provide relief to the textile industry.
Many stones used in flooring, except marble and granite - will be now taxed at 18% instead of 28%. Among services, job works like zari work, imitation jewellery and printing items have also been brought under this slab.
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Services providers providing inter-state services up to Rs 20 lakh will be exempted from GST.
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