GST Council is mulling pre-GST regime benefits for exporters, says report

07 October, 2017, 00:40 | Author: Alicia Barber
  • PETALING JAYA Video-on-demand service iflix today said it had been GST-compliant since it first made its service available to Malaysian consumers

"Increasing the composition threshold from Rs 75 lakh to Rs 1 crore and changing the periodicity of filing return and paying tax from monthly to quarterly for dealers with turnover upto Rs 1.5 crore, are definitely steps in the right direction".

Council members have approved quarterly return filings for businesses with turnover less than Rs 1.5 crore, a Council member said.

The GST Council meeting, which will be 22nd meeting of the Council, is also expected to discuss and announce measures to reduce the burden on small taxpayers and improvements in the GST Network's functioning.

Kerala Finance Minister Thomas Isaac said exporters will get IGST relief and e-wallet facility for six months. The e-wallet system is expected to rollout from April 1, 2018, he added. GST Council has also thought of bringing down tax rate on AC restaurants with no ITC from 18 per cent to 12 per cent.

The tax rates under composition scheme is 1 per cent for traders, 2 per cent for manufacturers and 5 per cent for restaurants.

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"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.

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. "However, to make this scheme really effective, it needs to be liberalized more by including all service providers and allowing them to undertake inter-State supplies". 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 per cent, its slowest rate in three years.

The council may also consider reducing the burden on cars that were leased before July 1 and where the tax rate has risen to up to 50 per cent. "The last issue was that should input credit be available to those paying 2% tax on manufacturing under composition scheme". The GoM will also look into whether those who opt for the composition scheme should be allowed inter-state trade.

"Tax refunds of July and August for exporters to be processed from October 10", Jaitley said.

The reverse charge mechanism is quite irrational and since it has no impact on revenue, the same should be scrapped, the statement suggested. These collections will not be the complete picture as these two months were early transitional phase.

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