April 27, 2018

GST sops for SMEs, exporters; tax rates on 27 items reduced

07 October 2017, 12:24 | Virginia Santiago

Also, domestic supplies to holders of AA / EPCG and EOUs would be treated as deemed exports under Section 147 of CGST/SGST Act and refund of tax paid on such supplies given to the supplier.

"The decisions were made based on the consideration of how to improve revenue and to create convenience for tax payers based on the revenue pattern", said Finance Minister Arun Jaitley, who chairs the GST Council.

"Future exports that they will do till March 31 will work through that exemption in which the nominal of 0.1 per cent will be given and after that we will work to establish the e-wallet by April 1, 2018".

Important decisions in-terms of reducing tax rates on various goods and services, to ease of compliance norms for small & medium business and trader were taken in the meeting. Details of the meeting were sketchy, but sources said addressing concerns related to GST are top priority for the government.

The introduction of Good and Service Tax (GST) - the one nation, one tax regime - does not appear to have brought cheer to State coffers, at least not yet, as the collection of new taxes equivalent to the Value Added Tax (VAT) collected during the corresponding period past year, shows a 22 percent decline. The key feedback received was that post GST, exporters started facing problems in organising working capital.

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"The ambit of the composition scheme has been expanded", the Finance Minister says. He said the department is facing monthly shortfall of over Rs 40 crore as compared to the Value-Added Tax collection and it (shortfall) will continue for another three months.

Speaking to media persons after the meeting, Jaitley said food packets used in the ICDS scheme, plastic and rubber wastes will now be taxed at the rate of 5 per cent instead of 18 per cent. "However, to make this scheme really effective, it needs to be liberalized more by including all service providers and allowing them to undertake inter-State supplies". The council has also chose to develop an e-wallet gateway in six months. "It needs to be seen that how the other issues which have reached different courts in the country are addressed in the days to come". Revoking the GST notification on gems and jewellery, the Government said a separate notification in this regard would be issued later. No input tax credit can be claimed by those opting for composition scheme.

- Yarn brought from 18% to 12%. The GOM will have to submit its report within a period of two weeks.

Input tax credit for exporters for July and August, estimated at $10 billion, would be refunded soon.

But it does not end there as MMO reported that the amendments will also include digital streaming services such as Netflix and iflix.

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