LIVE MARKET TRACKER :   BSE SENSEX        |    NSE NIFTY    
GLOBAL MARKETS :  NASDAQ      |    FSI London      |    NIKKEI Japan  
  USD GBP EUR CAD AUD INR
USD -
GBP -
EUR -
CAD -
AUD -
INR -
Indian-Commodity  :  Economy  :  GST Council eases rules for SMEs, exporters; cuts tax rates of 27 items

GST Council eases rules for SMEs, exporters; cuts tax rates of 27 items (09-Oct-2017)

Providing relief to thousands of small and medium enterprises (SMEs) and exporters, the Goods and Services Tax (GST) Council, three months after the rollout of the new indirect tax regime has made sweeping changes on filing and payment of taxes, by easing rules for exporters and cutting tax rates on more than two dozen items. At its 22nd meeting, GST Council, headed by Finance Minister Arun Jaitley, raised the turnover threshold composition scheme to Rs 1 crore from Rs 75 lakh, along with allowing quarterly filing of returns for businesses with turnover up to 1.5 crore .

Under the composition scheme, businesses pay a fixed rate to avoid GST paperwork. The higher thresholds will ease the compliance burden and also reduce the filing load on the system. In composition scheme, taxpayers are classified under three categories based on the GST rates they pay - traders pay 1% GST, manufacturers 2% and 5% for suppliers of food or drinks for human consumption (without alcohol). Service providers cannot opt for the composition scheme. Moreover, taxpayers which are exempt from composition scheme but annual turnover up to Rs 1.5 crore will file their GST returns on quarterly basis instead of the current provision of monthly filings.

The Council has decided to clear all tax refund claims of exporters for July by October 10 and for August by October 18. It introduced a 0.1% GST rate for merchant exporters, offering relief from the full applicable GST rates on their procurements. Moreover, exporters will get Interstate GST (IGST) relief till March 31, 2018. From April 1, the government is planning to launch an e-wallet facility for the exporters to give them refund for GST paid which will solve their liquidity problems.

The goods which saw a decline in GST rates include sliced dried mangoes (5%), khakra and plan chapati (5%), ICDS food packets (5%), unbranded namkeen (5%), unbrabded ayurvedic medicines (5%), plastic waste (5%), rubber waste (5%), paper waste (5%), manmade yarn (12%), flooring stones expect marble and granite (18%), stationary items (18%), clips (18%), diesel engine parts (18%), pumps parts (18%), and e-waste (5%). Moreover, job works related to zari embroidery, imitation jewellery, food items, printing, and government contracts involving high element of labour will all attract GST at the rate of 5%.


Top News Today
Vascon Engineers bags contract worth Rs 119 crore
(19-Apr-2018)

Vascon Engineers bags contract worth Rs 119 croreVascon Engineers has received Work Order from Adhiraj Constructions, a Domestic Entity for the work of Civil and Structural Works (Residential Township) at Rohinjan Village, Taloja Node, Navi Mumbai amounting......click on news to read complete article.

ACC reports 19% rise in Q1 consolidated net profit
(19-Apr-2018)

ACC reports 19% rise in Q1 consolidated net profitACC has reported results for first quarter ended March 31, 2018. The company has reported rise of 15.89% in its net profit at Rs 245.10 crore for the quarter ended March 31, 2018, as compared to Rs 211.50......click on news to read complete article.

Bajaj Auto unveils new Pulsar 150 with twin disc brakes
(19-Apr-2018)

Bajaj Auto unveils new Pulsar 150 with twin disc brakesBajaj Auto has launched its new Pulsar 150 with twin disc brakes priced at Rs 78,016 (ex-showroom - Delhi). The new variant will be made available in addition to the existing single disc model.The new......click on news to read complete article.

International Stock News
Asian markets trade mostly in green in early deals on Wednesday
(18-Apr-2018)

Asian markets trade mostly in green in early deals on WednesdayMost of the Asian equity indices are trading higher in the early deals on Wednesday, following the positive cues overnight from Wall Street on upbeat corporate earnings results as well as economic data.......click on news to read complete article.

US markets closed higher on upbeat earnings news
(18-Apr-2018)

US markets closed higher on upbeat earnings newsThe US markets closed higher on Tuesday, with major indices ending at the highest levels in about a month as the latest round of corporate earnings supported the thesis that valuations are supported by......click on news to read complete article.

US markets closed higher on Monday
(17-Apr-2018)

US markets closed higher on MondayThe US markets closed higher on Monday, as optimism persisted over the first-quarter earnings season and as geopolitical tensions showed signs of fading. According to FactSet, earnings for companies in......click on news to read complete article.

 

     
  
Recent Economy News
 
EquityInvestmentCompany ReportsIPO
Disclaimer
By clicking on this page you accept all the terms and conditions framed by us. News made available here are for informational purpose only. While utmost care has been taken in providing the same. We claim no responsibility for its accuracy. Readers of this blog who make their decision based on the information posted here are solely responsible for their actions.