Ahead of Diwali, traders and consumers have reason to cheer as the Goods and Services Tax (GST) Council on Friday announced a slew of reforms, reducing tax on many goods and services and relaxing norms for small businesses.
The report also suggested a possible GST rate cut in the luxury goods category which now is in the 28 per cent tax bracket.
Exporters body FIEO today said the GST Council's initiatives, including introduction of e- wallet, would bring relief to traders.
To monitor and resolve technical challenges faced during GST return filing, a group of ministers under Sushil Modi was constituted last month. "The refund of GST for July by October 10 and August by October 18 will address the liquidity concerns of the exporters".
Keeping this is mind, the council may come up easily in filling process, especially for the MSMEs and other small businesses.
Even after three months of implementation of GST, the issue of complexity of compliance and high tax on certain daily-use items and services was drawing huge criticism.
For future, every exporter to get an e-wallet for refunds.
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Under this, registered taxpayers had to pay tax on purchasing goods from non-registered suppliers.
India slashed tax rates on 27 items and extended the period for small businesses to file returns in a bid to reverse the economic sentiment dampened by a chaotic roll out of the new nationwide sales tax.
Under composition scheme you need to file quarterly returns and hence it has been decided that taxpayers with turnover Rs. 1.5 crore, will also now file quarterly returns instead of monthly returns. The previous limit was Rs 75 lakh.
At the golden jubilee function of institute of Company secretaries Prime Minister said that Government would fulfil the promises made to businessmen within 48 hours.
On that note, the Director-General has urged traders and company owners to declare their GST statements before the department take stern action against them.
Jaitley said that it is not possible to comment on the pattern of GST collection as it's a transition phase.
"There may be one or two problems which will never get resolved, but most of the issues, I am very sure will get resolved".