IT&Software

GST council to meet today, small exporters-traders wait with big hopes

GST council to meet today, small exporters-traders wait with big hopes

Jaitley, however, said, "For small traders the tax burden is low, but the compliance pressure is greater".

The group of Ministers (GoM) asked the GST network to brace for the rush of last-minute filers in its second meeting.

The Council had in its previous meeting also chose to set up two committees to look into the problems being faced by exporters and the technical glitches in the GST IT network. This comes after Prime Minister Narendra Modi met with Finance Minister Arun Jaitley and BJP president Amit Shah on Thursday.

Such businessmen will submit a tax return by depositing a percentage of total sales once in three months.

Under composition scheme you need to file quarterly returns and hence it has been decided that taxpayers with turnover Rs. 1.5 crore, will also now file quarterly returns instead of monthly returns.

The scheme allows small businesses, including eateries, to pay 1-5 per cent tax without having to deal with the three-stage filing process.

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The GST Council may also defer the reverse charge mechanism. This could be suspended for unregistered traders. Furthermore, under GST regime, there would be output taxes at the time of supply of output of the mines but at the same time the input tax cost incurred by the miners would be allowed as credit. These matters primarily relate to the Value-Added Tax regime and the PM had said this will not be looked into. "We have directed the GST Council to resolve the bottlenecks in GST implementation". Small scale enterprises and exports were two major concerns among them. "In the wake of current situation where traders are a depressed lot, such relief were much awaited and will change the code and colour of GST on a positive note".

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

The English daily also reported that the Customs Department had previously proposed to include foreign companies that engage in online businesses with Malaysians customers to the GST Act as Malaysians are not required to pay GST when they purchase items from e-commerce sites.

In this Finance Minister Arun Jaitley announced the reduction of the GST rate on diesel engine and pump part to 18 per cent from earlier 28 per cent.

So far over 43.58 lakh businesses have filed GSTN. At the Council's meeting today, this issue will come up for discussion and measures to improve its performance may be recommended.

SERVICES: Transport services such as Railways, air transport, small restaurants will be under the 5 per cent tax category because their main input is petroleum, which is now outside GST ambit. A 0.25 per cent tax will be levied on rough precious and semi-precious stones. In the same meeting, around 27 items were analysed on the GST tax rate.


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