GST Council Meeting Today News: The Committee constituted under the chairmanship of Revenue Secretary Hasmukh Adhiai to look into issues related to exporters could present their initial report today.
The 22nd meeting of the Goods and Services Tax (GST) Council today (06 October), which was chaired by Union Finance Minister Arun Jaitley. While giving relief to the small traders in the meeting, it has been decided to exempt them every month from filing returns. There was a provision for returning returns on the turnover of 1.5 crore rupees every month, which has now been made quarterly. Apart from this, the compulsory requirement of pan on the purchase of up to Rs 50,000 has also been abolished. The government has removed GST from James & Jewelery. The government has given a big relief to the small and medium enterprises (SMEs) in the goods and services tax (GST) system soon. GST Council has increased the limit of business from Rs 75 lakh to Rs 1 crore for companies who have adopted composition scheme. Under this scheme, SMEs have been given the facility of tax payment in the range of one to five percent without fulfilling strict formalities. There was a complaint about the compliance burden in the GST system of small units and traders. The Council has decided to give the taxpayers the option of the so-called 'composition scheme', whose annual turnover is 1 crore rupees or less. So far this limit was 75 lakh rupees.
Andhra Pradesh Finance Minister Y Ramkrishnudu said that the GST Council, headed by Finance Minister Arun Jaitley, has decided to increase the limit under the composition scheme for SMEs in the 22nd meeting held today. Kerala Finance Minister Thomas Isaac said that the exporters will get IGST (integrated goods and service tax) relief and e-wallet facility. GST Council has constituted a committee to consider rationalizing the GST rate for the restaurant. Of the total nine million registered units so far, 15 lakhs have opted for composition scheme. The rate of tax for commodity traders in the composition scheme is one percent. On the other hand, for exporters, two percent, food or beverages (without alcohol) have been kept for 5 percent.
Can not opt for the Service Provider composition scheme The composition plan allows small companies including the restaurant to pay tax at a fixed rate of one to five percent without following the process of filing a three-level return. This allows small taxpayers to pay GST at a fixed rate and they do not have to go through complex GST formalities. Apart from restaurants related services, ice cream, pan masala or tobacco makers, casual taxpayers or migrant taxpayers and companies that supply commodities through e-commerce operator, no other service provider can opt for this scheme. Whichever companies opt for Composition Plan, they can not claim 'Input Tax Credit'. Also the taxpayers can supply in one state and can not supply goods from one state to another.
GST Council divided all the goods and services into four tax slabs (5%, 12%, 18% and 28%). The Council has kept 12011 items in these four sections. Show that in addition to the then President Pranab Mukherjee, then Vice-President Hamid Ansari, Prime Minister Narendra Modi, Lok Sabha Speaker Sumitra Mahajan, Chief Justice of the Supreme Court JS Khair, Finance Minister Arun Jaitley, at the launch function in the Parliament House on 30th June. All Union Ministers were present. At the time of GST launch, GST was said to bring changes in the indirect tax regime of India, adding a $ 2 billion billion economy and 1.3 billion people to the single market.
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