GST Council reduces tax rates on 27 items

M'sians Will Likely Have To Pay GST To Stream Netflix And iflix

He also highlighted that GST Council has been quite sensitive to the demands of stakeholders and had in recent months reduced GST rates on over 100 items.

Experts believe, the council might enable exporters to utilise benefits and incentives derived from foreign trade policy to pay Integrated GST (IGST), push-back of reverse charge mechanism (RCM) among relaxation to ward off growing resentment among indirect taxpayers.

In a relief to exporters, it was announced that returns for the month of July and August will be refunded through cheques from October 10 and October 18 respectively, Jaitley said. Thukral said since the small-scale industry does not have infrastructure, it is very hard for them to file three returns every year.

On the compliance front, the GST Council has allowed SMEs with a turnover of up to Rs 1.5 crore to file quarterly returns instead of monthly filings.

"The Council was unanimous that it is in the national interest to take all possible measures to support the exporting community, which earns valuable foreign exchange and provides significant employment especially in the small and medium sector", said the government in its official release.

The real estate sector can also expect some relief as it has been said that the stones used for constructions, that now come under 28% slab will go in 18%.

Announcing the measures, Jaitley said, "After nearly three months since GST roll out, it is time to deliberate on its effect on various trades and the transition".




In a relief for textiles industry, which was not satisfied by initial tax rates decided at the time of GST implementation, GST rates for textiles have now been reduced.

The GST Council gave relief to small and medium businesses on filing and payment of taxes, eased rules for exporters and cut tax rates on various items.

The Council also increased the threshold for the Composition Scheme under which traders, manufacturers and restaurants have to pay a fixed tax rate of one, two and five percent respectively.

Moreover, exporters will continue to get the pre-GST exemptions under the Advance Authorisation and EPCG schemes while importing goods for the goal of exports.

The Centre has promised that all glitches around goods and services tax (GST) implementation would get sorted out over the next nine months and a win-win situation would emerge for all stakeholders. "So far 15.5 lakh taxpayers have opted for composition scheme", Jaitley said. A group of State finance ministers will also be set up to look into the taxation structure of restaurants and what should be done as they have not reduced prices despite input tax credit.

The reverse charge mechanism has been deferred until August 31, 2018.

Pre-GST vehicle leases would be able to avail abatement of 35%, implying that the present GST rate will be applicable only on 65% of the total lease value. Service providers with less than 20 lakh revenue have be added to the GST exempt list.

Related news:

Hot News

isis-killer-beheading-video-story-top Gareth Southgate should switch England to a three-man defence
Oct 08, 2017 - 00:59
Meanwhile, like England, Germany sealed their spot at the finals on Thursday after a 3-1 win over Northern Ireland in Belfast. Asked if he was enjoying the tricky challenge of leading his country, Southgate said with a chuckle: "Weirdly, I am".

isis-killer-beheading-video-story-top FCC creates hurricane task force to aid recovery in Puerto Rico
Oct 08, 2017 - 00:53
The X innovations team that runs Project Loon , which was spun out of Google, now needs to finalize a telecomms firm to partner with.

isis-killer-beheading-video-story-top Supreme Court hears gerrymandering case stemming out of Wisconsin
Oct 07, 2017 - 00:50
Depending on the remedy that the court requires, the reverberations could be significant for redistricting after the 2020 census. On Tuesday the court heard arguments in a case that could influence American politics for decades, particularly in N.C.

isis-killer-beheading-video-story-top Marcus Rashford and Harry Kane must play together - Paul Merson
Oct 07, 2017 - 00:49
English football is not short of talented young players and there is time for some of them to emerge and stake their claim. The way he wants his squad to be, he wants a young and energetic squad all pulling in the right direction.

isis-killer-beheading-video-story-top New British PM is 'hardly a radical thought,' rebel Tory says
Oct 07, 2017 - 00:44
The Conservative leader used her speech to shoulder the blame for the election, and received several ovations from the audience. They said the "image of her leaving Downing Street with tears in her eyes" would have a profound effect on the party.

isis-killer-beheading-video-story-top Bangladesh health department to launch cholera vaccination for the Rohingya
Oct 07, 2017 - 00:42
The UN has described the government-sanctioned crackdown on Rohingya as "a textbook example of ethnic cleansing". A small United Nations team visited the area this week and said the suffering was "unimaginable".

isis-killer-beheading-video-story-top Today's weather: Starting to feel like the LA forecast around here
Oct 07, 2017 - 00:41
Westerly winds around 5 mph.Note: Computer model precision diminishes the further into the week the forecast projects. Overnight: Mostly cloudy with a 70 percent chance for showers with around one-half inch of rainfall possible.

isis-killer-beheading-video-story-top John Kelly's personal cell phone was compromised, White House believes
Oct 07, 2017 - 00:38
He entered the White House in January and replaced former RNC chairman Reince Preibus as chief of staff in late July. Kelly had not used his personal phone to conduct White House business since joining the administration.

isis-killer-beheading-video-story-top Mike Pence: Trump-Led National Space Council Going To 'Mars And Beyond'
Oct 06, 2017 - 00:43
He touts "human exploration and discovery" as the new focus of America's space program. It means establishing a renewed American presence on the Moon, a vital strategic goal.

isis-killer-beheading-video-story-top Ivanka and Donald Trump Jr. Were Investigated for Felony Fraud
Oct 06, 2017 - 00:42
Ivanka Trump and Donald Trump, Jr .at their father's inauguration in January. In another email, they anxious that a reporter might be onto them.

isis-killer-beheading-video-story-top Hollywood Minute: Tribute To Tom Petty
Oct 06, 2017 - 00:41
Dylan said in his statement that Petty was "a great performer, full of the light, a friend, and I'll never forget him". I still shake my head at newscasts that show only Petty's last performance, which occurred a week before his death .

isis-killer-beheading-video-story-top Modi, Jaitley, Shah go in a Huddle Amid Criticism, Major Announcement Likely
Oct 06, 2017 - 00:37
Expecting Shah's participation, security was tightened along the road and hundreds of policemen were deployed at key points. He said his party would use democratic means to fight Left rule in the state.

isis-killer-beheading-video-story-top Uber's CEO flies down to London for emergency meeting for latest troubles
Oct 06, 2017 - 00:36
This move comes at a time when there is a rift in the board, especially with former CEO Travis Kalanick . The changes in governance, however, are contingent on Softbank's investment going through.

isis-killer-beheading-video-story-top Scientists who developed method to visualize biomolecules win Nobel Prize in chemistry
Oct 05, 2017 - 00:52
By dropping samples in ethane cooled by liquid nitrogen to -196 degrees Celsius, Dubochet created breathtakingly sharp images. This method allows bio-molecules to be kept frozen in their natural state without the need for dyes or fixatives.

isis-killer-beheading-video-story-top Greek Court Approves US Extradition of Suspect in Cryptocurrency Crime
Oct 05, 2017 - 00:50
Vinnik, 38, was detained in Greece on July 25 at the request of U.S. authorities charging him with a number of offenses. The ruling can be appealed, and the final decision will be taken by Greece's justice minister.