GST Council eases tax filing norms for small traders
07 Октября, 2017, 00:39 | Author: Boyd Miller
With the primary attention of the GST Council and the government expected to be providing relief to small and medium businesses and exporters, some procedures related to GST returns filing may be tweaked. For small businesses, it was decided that establishments with 10 million rupee ($152, 686) turnover can deposit tax under a composition scheme, helping them to avoid tedious filing. The panel also raised the annual revenue threshold below which businesses won't need to maintain detailed accounts and cut tax rates on a number of goods. Further, the government has also chose to exempt exporters from IGST for next six months, Thomas Isaac said on the sidelines of the crucial GST Council meeting underway in New Delhi.
Prime Minister Narendra Modi on Friday said recommendations by GST Council will immensely help small and medium enterprises (SMEs). It also lowered GST rates for 27 items.
The Kerala minister said the Council was also looking at a few measures to address the liquidity issues being faced by exporters. It is believed that the higher thresholds will ease the compliance burden and also reduce the filing load on the system.
A total of 72 lakh taxpayers have migrated from the old regime and 26 lakh new taxpayers have registered under GST.
The Council has made a decision to reduce the rates on several items, including sliced dried mangos, khakhra and plain chappatis, unbranded namkeen, unbranded ayurvedic medicines, plastic, rubber and paper waste, yarn, diesel engine parts, pump parts, e-waste, and several services. The council will then recommend some relaxation so that the working capital of exporters that is locked up in refunds is released. While a mountain of bad loans has crimped bank lending to India's bigger companies, smaller firms have been hurt by a government move last November to stamp out "black money" - untaxed cash that oils many industries - and by GST, whose complex structure has baffled companies down the supply chain. Now it is Rs 75 lakh that could be raised to Rs 1-1.5 crore for micro, small and medium enterprises. Asserting that genuine corporates will not face action, the minister of state for corporate affairs said non-compliant companies are tarnishing the image of good ones.
Jaitley said that it is not possible to comment on the pattern of GST collection as it's a transition phase.
Exporters' tax refunds, which have been pending, will be cleared over the next two weeks - those for July by October 10, and for August by October 18.
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