GST Council meeting likely to introduce new reforms into the system

GST Council meeting likely to introduce new reforms into the system

GST Council meeting likely to introduce new reforms into the system

"The GST Council has considered the implementation experience of the last three months and gave relief to small traders..."

Twitter went into overdrive on Friday after Finance Minister Arun Jaitley announced that the GST for khakra, a popular Gujarati snack, had been reduced to 5% from 12%. "The e-wallet will be introduced from April next year", Jaitley added. Firstly, the Council raised the threshold for availing the composition scheme from companies with turnover of Rs 75 lakh to those with turnover of up to Rs 1 crore. "The rollout of E-Way Bill, another issue that has been under consideration for a long time, has been deferred to March 31, 2018", he added.

Exporters are likely to get some relief after the all powerful Goods and Services Tax (GST) Council meet on Friday which has been called after widespread criticism and complaints from businessmen about implementing the massive tax reform.

Unbranded ayurvedic medicines will now attract 5% GST.

- Stones used in flooring, except marble and granite - will be now taxed at 18 per cent instead of 28 per cent.

Service providers can not opt for the composition scheme.

Tax on food items including dry items has been brought down to 5% from earlier 12%.

- Sliced dried mangoes reduced from 12% to 5%.

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

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"Big players pay the largest chunk of GST, while small taxpayers who pay nominal or nil tax face high compliance impact".

Online entertainment streaming services such as Netflix and iflix are expected to be taxed under the proposed amendments to the Goods and Services Tax (GST) Act which will include the digital economy, says the Customs Department. So happens for the 18 per cent GST rate, which was split at 9 per cent Central GST and 9 per cent State GST.

- Diesel engine parts - brought down to 18% from 28%.

The council responded favourably to the the call by small businesses to lower the compliance burden by allowing them to file returns only once in a quarter instead of once every month as is required at present.

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.

Speaking to reporters, Jaitley said, " GST doesn't have exemptions, and hence there will be an e-wallet for each exporter with a notional advance refund amount.

Traders will pay 1%, manufacturers 2% and restaurants 5% under the composition scheme.

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

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