Limit for GST composition scheme hiked to Rs 1 crore

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Limit for GST composition scheme hiked to Rs 1 crore

Small businesses would be allowed to file tax returns once a quarter instead of monthly returns, Jaitley said following a meeting of the GST council.

SERVICES: State authorised private-run lotteries, hotels with room tariffs above Rs 7,500, 5-star hotels, race club betting, and cinema are all under the highest tax slab of 28 per cent.

SERVICES: Hotel services such as AC hotels serving liquor, Room tariffs between Rs 2,500 and Rs 7,500, Restaurants inside five-star hotels will attract 12 per cent tax under GST slab. This was followed up with the PM's over three-hour brain-storming session with Finance Minister Arun Jaitley and BJP chief Amit Shah on Thursday.

Reports said the package being considered by the GST Council is more focused on exporters and MSMEs. An "e-wallet" facility will allow exporters to get tax credit immediately after self-declaration post exports.

Import IGST likely to be exempt for exports, e-Wallet for exporters likely to be available from April, it added. The GST Council has addressed these concerns and has brought relief to small traders in particular.

Relief for exporters and relaxation of norms that requires small traders to file three returns every month was also expected to be on the cards. With the economy sliding downwards, the government can longer neglect the impact of GST on the market.

The amendment to the GST Act is part of the department's goal of achieving an additional RM1bil from GST from the remaining Q4 of 2017, and subsequently meets its Key Performance Index (KPI) of collecting RM42bil worth of GST.

The GST council may also discuss easy compliance issue for exporters.

This exemption that is being given to them, extending existing advanced authorisation, export promotion, capital goods, EPCG, and 100 per cent EOU, till March 31, 2018.

The GST Council today hiked the threshold limit of the composition scheme to Rs 1 crore, from Rs 75 lakh, Press Trust of India reported citing sources.

The good and services tax (GST), which came into effect on July 1, was created to replace more than a dozen state and national levies and transform India's $2 trillion economy into a single market for the first time. Under the composition scheme, businesses pay a fixed rate to avoid GST paperwork.

"For small businesses the tax burden is low, but the compliance pressure is greater". A Group of Ministers led by Sushil Modi to look into GSTN glitches will brief the GST Council on the status of portal's functioning.

Earlier Prime Minister Narendra Modi said that the government is open to hearing the pleas of sectors and acting accordingly. The government is committed to addressing and resolving the grievances related to GST.

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