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GST council meet underway: 6 major announcements we can expect from govt

07 October, 2017, 00:09 | Author: Priscilla Morrison
  • Narendra Modi government Oil sector

Facing severe criticism over the implementation of Goods and Services Tax, the government on Friday night announced a slew of measures to ease the concerns of traders, exporters and small business while slashing the rates on 27 items of common consumption, including roti, khakra, namkeens, stationery, man-made yarn - with a lot of them brought to five per cent category.

Man made yarn was taxed 18%, it has been put in 12% slab, will have effect on textiles.

Haryana Finance Minister Captain Abhimanyu said, "The decision by Finance Minister Arun Jaitley regarding refunds will bring relief to the entire exporter sector". And on the basis of this credit, firms can pay IGST and GST.

The GST council will hold its 22nd meeting on Friday and is likely to consider to relaxing the return filing cycle for small and medium enterprises.

According to the previous GST rates, spark-ignition reciprocating or rotary internal combustion piston engine, compression-ignition internal combustion piston engines (semi-diesel or diesel engines) and pumps for dispensing fuel or lubricants were under 28 per cent. GST Council has reportedly approved quarterly filing of returns besides raising the threshold for composition scheme from Rs 75 lakh to Rs 1 crore.

Traders with a turnover of upto 1.5 crore rupees will have now have the facility of filing returns quarterly i.e. every three months instead of monthly.

- Khakra and plain chapattis reduced to 5%.




"Also, domestic supplies to holders of AA / EPCG and EOUs would be treated as deemed exports.and refund of tax paid on such supplies given to the supplier", it added.

Food packets given to school kids under ICDS will attract 5 per cent tax instead of 12 per cent.

SERVICES: 12 per cent tax will be levied on services such as state-run lotteries, non-AC hotels, business class air ticket, fertilisers and work contracts.

He also reminded traders and company owners to make use of the opportunities provided by the department before stern action was taken against them for failing to declare their GST statements from Jan 1 next year.

Traders will now have to pay fixed tax rate between 1% - 5% under the composition scheme.

Jaitley says, "The main concern for exporters was that there were no taxes on exports as they then become uncompetitive in the global market". The exporters will be able to get refund on 10 July and 18 August.

The finance minister added that the pattern of collection [of the GST] is not clear after two months, because it was a period of transition.

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