Jaitley chairs 22nd GST Council in Delhi

An additional GST compensation cess is also levied on certain luxury products and demerit goods such as tobacco and pan masala.

News of the proposed amendments to the Goods and Services Tax (GST) to include digital tax have set off alarm amongst Malaysians as they are perplexed as to how the taxes will affect their expenses.

- A lot of items in stationery were at 28% now at 18%.

The GST rate on diesel engine parts will be reduced to 18 per cent.

Quoting sources moneycontrol.com reported that the GST rate on some handicraft items may be cut to 5 percent from 12 percent.

Today, at the 22nd meet of the GST council meet headed by finance minister Arun Jaitley.

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. Upfront exemption on purchases for exporters may get GST Council nod.

"To streamline the working, March 31, 2018 has been deferred for it".


The steps taken by the Council will provide urgent but temporary relief to SMEs, said V.K. Agarwal, former president of the Federation of Indian Small and Medium Enterprises.

Faster refunds and relief in terms of compliance have been some of the key demands of exporters.

The report further said that the short-term liquidity crisis resulting due to delayed input credit refunds is bound to create complications for the MSMEs in mapping the inventory held on the transition date with respective invoices. The CAIT has also called for smooth functioning of GSTN portal to provide ease of complying GST provisions for the traders.

He said that a majority of them have less than Rs 1 crore of turnover.

"The GST Council has reached a consensus on increasing the composition threshold on companies with turnover of Rs.1 crore", Andhra Pradesh Finance Minister Y. Ramakrishnudu said.

Albeit, this might also come as a disappointment to many, as it was being widely speculated that the limit would be raised to Rs 1.5 crore in today's meeting.

The scheme can not be opted by supplier of services other than restaurant related services; manufacturer of ice cream, pan masala, or tobacco; casual taxable person or a non- resident taxable person; and businesses which supply goods through an e-commerce operator.

'The medium and small companies should remain in the tax net but we will relax their compliance burden, ' he said.


Popular
  • Amazon Is Launching Its Own Shipping Service To Fight FedEx And UPS

    Amazon Is Launching Its Own Shipping Service To Fight FedEx And UPS

    The company will be overseeing pickup of packages from warehouses of third-party businesses who sell on Amazon Seller Central. Over the past two years, Amazon has been testing this service in India while slowly marketing it to US merchants.
    United Kingdom  government could imprison people for looking at terrorist content

    United Kingdom government could imprison people for looking at terrorist content

    WATCHING streamed terror content on the web will become a criminal offence under a new crackdown unveiled today. She added that British security agencies foiled seven terrorist plots thus far in 2017.
    A North Korea nuclear test over the Pacific? Logical, terrifying

    A North Korea nuclear test over the Pacific? Logical, terrifying

    A South Korean expert said the quake could have been caused by geological stress created from the recent nuclear explosion. The locations are around 50 kilometers away (more than 30 miles) from the site of previous nuclear tests, the group said.
  • What's Next For OJ After Release From Prison

    What's Next For OJ After Release From Prison

    Simpson is still obligated to pay the judgment, which now amounts to about $65 million, said David Cook, a Goldman family lawyer. He says he only wanted to retrieve personal items, mementoes and family photos from two sports memorabilia dealers.
    Saudi shift on women drivers is long overdue

    Saudi shift on women drivers is long overdue

    One Saudi woman tweeted a picture of three women in a convertible going shopping, with the message: "Us soon". Many also made fun of conservatives who had for long favoured the ban on women driving.
    PM Skerrit: No one was spared Maria's wrath

    PM Skerrit: No one was spared Maria's wrath

    One of two airports serving the country is out of action; the other is expected to be working in the coming days. Tropical storm watches are in place for portions of the eastern coast of the U.S. stretching between DE and MA .
  • Nevada runs trick play to release OJ Simpson

    Nevada runs trick play to release OJ Simpson

    He told officials that leading a group of men into a 2007 armed confrontation was an error in judgment he would not repeat. Keast said that no media was present at the time of Simpson's release and everything happened the way her team expected.
    Available for Huddersfield match

    Available for Huddersfield match

    The England ace is still on a high after netting a flawless hat-trick against APOEL in the Champions League game midweek. This weekend, Kane will fancy his chances at some more goals as Spurs pay a visit to Huddersfield.
    McCain 'never had any intention' of backing latest health care bill

    McCain 'never had any intention' of backing latest health care bill

    A defection by another Republican senator would send the measure to defeat in the Senate, where the GOP has 52-48 majority margin. He said the GOP can pass bills under special budget reconciliation rules that require just 51 votes, "but that's a trick".
  • Las Vegas mass shooting: Clueless cops turn to gunman's girlfriend

    Las Vegas mass shooting: Clueless cops turn to gunman's girlfriend

    The girlfriend of the Las Vegas shooter met with Federal Bureau of Investigation agents in Los Angeles Wednesday afternoon. The FBI are continuing to question Paddock's girlfriend Marilou Danley , who became a "person of interest" in the case.
    Almost  50000 Evacuated as Fears of Volcanic Eruption Grow in Bali

    Almost 50000 Evacuated as Fears of Volcanic Eruption Grow in Bali

    Since Friday, the volcano has been at its highest alert level - prompting authorities to establish a 7.5 mile exclusion zone. The towering volcano's peak is the single highest point on the Pacific island of Bali , standing at 3,031 m (9,944 ft) tall.
    Star Trek: Discovery's Opening Title Sequence Is a Work of Art

    Star Trek: Discovery's Opening Title Sequence Is a Work of Art

    Oh, right: Discovery takes place in the franchise's original timeline, roughly a decade before William Shatner's James T. We can only hope that somehow, with a title like Star Trek: Discovery , somebody gets to discover something eventually.

CONNECT