Relief for small traders expected after today's GST Council meet

Relief for small traders expected after today's GST Council meet

Relief for small traders expected after today's GST Council meet

The Committee recommended a long term solution and for now an e-wallet for every exporter will be created.

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.

Ajay Sahai, head of the Federation of Indian Export Organisation, said he expected the government to allow its 25,000 small and medium-sized members to file tax returns quarterly. Commerce Minister Suresh Prabhu said in a tweet his department was working with Jaitley to address GST-related issues of exporters. On cards is change in rates for textiles which would provide relief to traders as well as consumers to some extent.

"The collection pattern observed so far shows that a substantial portion of the tax is coming from the big players", Mr Jaitley said.

"For small and medium taxpayers, the tax burden is less but compliance is more".

Those who have Rs. 1.5 crore turnover and that will cover about 90 per cent SSCs and are outside the composition scheme, they will file quarterly returns instead of monthly returns.

Officials with knowledge of the meeting and industry bodies said they expected the government to simplify the filing of tax returns under GST to ease the burden on smaller businesses.

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He said the composition scheme has been made more attractive and other facilitation measures will make the GST even more people-friendly and effective.

"The benefits to the exporters in the form of e-wallet, interim benefits by manual filing and payment of 0.1% are very welcome", Abhishek A Rastogi, Partner, Khaitan & Co said.

The Group of Ministers headed by Sushil Modi, set up to look into GSTN glitches, will also brief the Council on the portal's functioning.

In the service sector, composition scheme is available only for one sector - restaurants.

SERVICES: Hotel services such as AC hotels serving liquor, Room tariffs between Rs 2,500 and Rs 7,500, Restaurants inside five-star hotels will attract 12 per cent tax under GST slab. The GOM will have to submit its report within a period of two weeks. In the same meeting, around 27 items were analysed on the GST tax rate.

The GST Council also announced tax relief for exporters. The exporters will be able to get refund on 10 July and 18 August.

The e-way bill will be rolled out between January 1 and April 1, 2018.

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