GST Meet: Four key reforms expected to small business enterprises

Meanwhile, Bihar Deputy Chief Minister Sushil Modi has appealed to the members of the GST council to consider difficulties being faced by the small tax payers.

Exporters, who have been facing sluggish growth due to global slowdown, will get refunds for the tax paid by them on exports during July from October 10, while refunds for tax paid for August will be given by October 18, he said.

Import IGST likely to be exempt for exports, e-Wallet for exporters likely to be available from April, it added.

Compliance burden of medium and small taxpayers in GST being cut; eligibility of Composition Scheme raised to Rs 1 cr: FM.

The GST Council today made a decision to raise the revenue threshold under the composition scheme to Rs 1 crore from Rs 75 lakh at present, Finance Minister Arun Jaitley said.

The roll out of e-way bill, another issue that has been under consideration for a long time, has been deferred to March 31, 2018.

The Council also lowered tax rates on 27 products and a few services and asked a panel of state ministers to examine if the 18% GST on air-conditioned restaurants could be lowered, finance minister Arun Jaitley said after the meeting.

Unbranded ayurvedic medicines will now attract 5% GST.

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- Many stones used in flooring, except marble and granite - will be now taxed at 18% instead of 28%. In the service sector, composition scheme is available only for restaurants. Similarly, tax on paper waste was also reduced from 12 percent to 5 percent.

Man-made yarn to be now taxed at 12%, it was earlier at 18%.

GST rate on parts suitable for use exclusively or principally with fixed Speed Diesel Engines of power not exceeding 15HP and parts suitable for use exclusively or principally with power driven pumps primarily designed for handling water, namely, centrifugal pumps (horizontal and vertical), deep tube-well turbine pumps, submersible pumps, axial flow and mixed flow vertical pumps has also been reduced from existing 28% to 18%.

Among services, zari work, making imitation jewellery and printing items have also been brought under this slab. Jaitley said 1 per cent will be applicable on traders under the composition scheme.

The GST regime has been revamped after the 22nd GST Council meeting on Friday. However, the condition for quarterly GST return filing is that the turn over of the business should be less than ₹1.5 Cr and the business should be a non-composition assessee.

Under this, registered taxpayers had to pay tax on purchasing goods from non-registered suppliers.

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

(Copyright © 2015. All Rights Reserved.)
 
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