GST Council Actively Discusses Relief Measures for Traders and Quarterly Return Filing

GST Council Actively Discusses Relief Measures for Traders and Quarterly Return Filing

The state Finance Minister said that the Council was discussing the issues being faced by small traders.

Jaitley addressed the media after the meeting. Details of the meeting were sketchy, but sources said addressing concerns related to GST are top priority for the government.

# GST on "Khakhra" reduced from 12% to 5%. While the state accounts for 12 per cent of the country's textile exports, it's the largest manufacturer of manmade filament fibre (around 38 per cent of India's total production) and manmade fibre (around 31 per cent).

- Unbranded namkeen down to 5%.

Similarly, the tax rate on rotis and khakra was cut along with savouries and ayurvedic and homoeopathic medicines.

Paper waste or scrap - from 12 percent to 5 percent.

- Yarn brought from 18% to 12%. However, the rate on low cost "Napa" stone was brought down to 18% from 28%. The GST on cab lease services may get cheaper to 18 per cent from 28 per cent.

Telecom jobs threatened: almost 150,000 direct and indirect jobs in India's debt-ridden and loss-making telecom sector face "clear and present danger" of corporate downsizing, as per estimates by industry experts.

For businesses with a turnover up to Rs 1.5 crore, the council permitted filing of quarterly returns as against the monthly filings mandatory earlier. Also, the turnover threshold for businesses to avail of the composition scheme that allows them to pay 1-5 per cent tax without going through tedious formalities, was raised to Rs 1 crore from current Rs 75 lakh. In the previous meeting GST Council chose to re-open the window for composition option and government saw great excitement in retailers, manufacturers and restaurant holders about the composition scheme. In that e-wallet, a notional amount will be like an advance refund. The council had then lowered the GST rates for a number of daily-use products ranging from idli/dosa batter to kitchen gas lighter. "And refunds will be offset against this".

A new electronic e-wallet system is being created for exporters, which will be implemented April 1, 2018. "A professional tech firm will be appointed".

The apex indirect tax body CBEC will inform the Council that it is ready to release Integrated GST (IGST) refunds to exporters from October 10. This is an interim measure.

Jaitley said that it is not possible to comment on the pattern of GST collection as it's a transition phase.

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