Sanitary pads exempt from GST, tax cut on TV, shoes

Sanitary pads exempt from GST, tax cut on TV, shoes

Sanitary pads exempt from GST, tax cut on TV, shoes

GST on 17 items used by middle class viz paints, refrigerators, washing machines, vacuum cleaners, storage water heaters, TVs up to 68 cm was reduced from 28% to 18%. Finance Minister Piyush Goyal said the modalities of this would be laid out by the GST Network.

Two simplified forms for GST returns, Sugam and Sahaj, have also been approved for business-to-business and business-to-consumer enterprises by the GST Council. In what appeared to be a mini-Budget announcement to create a feel good factor, the council announced significant reductions in many goods and services.

"Segregation of the returns for B2B and B2C categories together with the need to file returns once in a quarter for smaller businesses will improve compliance and expand the tax base", M.S. Mani, partner at Deloitte India, said. The GST Council is likely to come up with more details on this regard, which will give relief to thousands of taxpayers under the new GST regime.

While the taxes will have to be paid every month, traders with an annual turnover up to Rs 5 crore will have to file tax returns every three months, said Goyal.

The council also approved the proposal to allow quarterly return filing for taxpayers with a turnover of upto Rs 5 crore, a move that will benefit almost 93 percent of tax assessees as they would now be required to file returns only once in three months.

The council also deferred the implementation of reverse charge mechanism by another year and now it will come into force from October next year. Small handicraft items have also been exempted from GST.

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"I think the 28 percent tax slab should be done away with".

The Council has also made a decision to defer implementation of reverse charge mechanism (RCM) by a year to 30 September, 2019.

The next meeting of the Council is slated on 4 August, which will discuss issues relating to the MSME sector as well as ways to incentivise digital transaction via Rupay cards and BHIM app.

Consumer-durable makers welcomed the government's move, saying it will help domestic manufacturing and create more employment opportunities, the Consumer Electronics and Appliances Manufacturers Association said.

This is the fourth time since the roll out of the GST that the Council, chaired by Union Finance Minister and comprising state counterparts, has rationalised rates.

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