Limit for GST composition scheme hiked to Rs 1 crore

Limit for GST composition scheme hiked to Rs 1 crore

Limit for GST composition scheme hiked to Rs 1 crore

Jaitley also revealed that about 72 lakh taxpayers have been migrated to the GST system while 25-26 lakh are new taxpayers under the new taxation system. According to a report in MoneyControl, 60 daily use item are likely to become cheaper after today's meet.

A panel is reviewing the 18 per cent GST tax rate that you now pay for eating out at AC restaurants.

Diesel engine parts will not attract 18% GST, compared to 28% before.

- Ayurvedic medicines will now incur 5 per cent GST as against 12 per cent earlier. He also said duties would be cut on some products and the threshold for lower tax would be raised.

Modi, in a rare acknowledgment that economic sentiment had turned negative, this week defended his handling of the economy, which in the June quarter grew at an annual 5.7 percent, its slowest rate in three years.

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Note that the central government can only propose a change and the final decision can only be taken by the GST Council.

Announcements like easier refund of input credit for exporters, promise of no enquiry into the tax matters of the previous VAT regime of indirect taxes and deferring of reverse charge mechanism for unregistered traders are expected after the meeting.

The e-wallet option will be launched by 1st April, Jaitley added. The GST Council has addressed these concerns and has brought relief to small traders in particular.

Making GST a Good and Simple Tax, GST Council has announced big relief for small traders and exporters.

While global economy is slowly improving, Indian exports have not been able to maintain their market share, while complexities in the GST's design had compounded the problem. Changes to this effect would ensure that exporters get their working capital locked up in refunds released quickly.

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This will be the 22nd meeting of the GST Council. There are issues on tax slab, ITC, tax refund for MSMEs and Export Issues.

With over 33 lakh businesses filing the final GSTR-1 return, the GoM has tasked GSTN to send reminder text messages to the remaining 20 lakh businesses which are yet to submit the tax forms.

In the service sector, composition scheme is available only for one sector - restaurants. It is believed that the higher thresholds will ease the compliance burden and also reduce the filing load on the system.

GST Rates for as many as 60 items could be brought down at today's meeting of the GST Council.

Since GST was implemented, traders have been facing some difficulties. This rule shifts the liability to pay the tax on the buyer instead of than the seller.

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