Threshold For Composition Scheme In GST Hiked To Rs 1 Crore

In its second meeting held here on Wednesday the Group of Ministers asked the GST-Network to brace for the rush of last-minute filers. Representational Image

Mr Jaitley said on Friday that the rules for small businesses and exporters would be eased under the GST, a move that could provide relief to thousands of small firms.

Finance Minister Arun Jaitley said that After receiving GST return for July and August, the Committee have come to know of the experiences and transitions faced by traders of various kinds.

The composition scheme makes it easier for small businesses whose turnover is less than Rs 1 crore to comply with the new tax regime easily. "The rollout of E-Way Bill, another issue that has been under consideration for a long time, has been deferred to March 31, 2018", he added.

The officials further clarified, "The GST ranging from 5% to 12% is leviable on branded and packed food items, vegetables and fruits, while no GST is chargeable on unbranded and unpacked food items".

Tax on stationery items, stones used for flooring (other than marble and granite), diesel engine parts and pump parts has been cut to 18 per cent from 28 per cent. GST on e-waste has been slashed to 5 per cent from 28 per cent.

Service providers can not opt for the composition scheme.

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.

GST Rate on real Zari work has also been reduced from existing 12% to 05%. So happens for the 18 per cent GST rate, which was split at 9 per cent Central GST and 9 per cent State GST. GST Council has also thought of bringing down tax rate on AC restaurants with no ITC from 18 per cent to 12 per cent.

Also, salwar suit in a three-piece set has been classified as fabric and 5 per cent GST would be levied on it.

"Also, domestic supplies to holders of AA / EPCG and EOUs would be treated as deemed exports.and refund of tax paid on such supplies given to the supplier", it added. In this regard, permission to file GST returns on a quarterly basis instead of every month might be granted.

Finance minister Arun Jaitley (right) and revenue secretary Hasmukh Adhia during the GST Council meeting on Friday. Jaitley said 1 per cent will be applicable on traders under the composition scheme.

The restaurants - which are of less than Rs. 1 crore turnover and which are bigger than that, that are air conditioned, they take 18 per cent tax; they claim the Investment Tax Credit (ITC), but have they decreased their claim with the ITC.

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