GST Council decisions provide relief to SME sector: India Inc
08 October, 2017, 01:06 | Author: Martin Tyler
GST rate on food items downRates on food items such as khakra, dried sliced mango, food packets under Integrated Child Development Services, unbranded namkeen, and unbranded Ayurvedic medicine have been lowered to 5 per cent, as have rates of waste paper, plastic and rubber e-waste.
"Small ones should remain in the tax net for the expansion of the base, but we have significantly reduced their compliance burden", he said.
The steps announced Friday underscored New Delhi's efforts to simplify the system, which has come under criticism from investors and businesses for its complexity, numerous tax rates and complicated return-filing procedures.
To address this problem, the GST Council in its meeting chose to start the refund process for July by October 10.
Exporters will now get refunds from one authority only and have been exempted from furnishing bond and bank guarantee when they clear goods, the press release said. A food trader for instance, may be selling unbranded food pro ducts such as flour and daal along with packed and branded items, which face GST.
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Prime Minister Narendra Modi on Wednesday said he had told the GST Council to review the problems being faced by traders, and that the government was willing to make changes.
Stationary items, flooring stones other than marble and granites, parts of diesel engine and pumps will now attract 18 per cent GST against the present rate of 28 per cent, Jaitley added.
"Composition scheme has been made more attractive and other facilitation measures will make the GST even more people-friendly and effective", PM Modi added.
The Centre has promised that all glitches around goods and services tax (GST) implementation would get sorted out over the next nine months and a win-win situation would emerge for all stakeholders.
Jaitley said traders, manufacturers and restaurants would now pay 1 per cent, 2 per cent and 5 per cent respectively under composition scheme.
Facing severe criticism over the implementation of GST, the government on Friday announced a slew of measures to ease the concerns of traders, exporters and small business while slashing the rates on 27 items of common consumption, including roti, khakra, namkeens, stationery, man-made yarn - with a lot of them brought to five per cent category.
Moreover, exporters will continue to get the pre-GST exemptions under the Advance Authorisation and EPCG schemes while importing goods for the objective of exports.
Service providers can not opt for the composition scheme. A group of State finance ministers will also be set up to look into the taxation structure of restaurants and what should be done as they have not reduced prices despite input tax credit. Similarly, the reverse charge mechanism for transactions between registered and unregistered businesses has been deferred till March 31, 2018.
It allows small taxpayers to pay GST at a fixed rate of turnover and not go through the tedious GST formalities.
Gove added: "The truth is that the entirety of the cabinet want the prime minister to concentrate on doing the job". Communities Secretary Sajid Javid backed his fellow Cabinet member, saying Ms Rudd's comments were "spot on".
After Trump's new policy was announced, though, McCain applauded the president "for taking a big step in the right direction". India and Afghanistan have also been time and again charging their neighbour Pakistan with similar allegations.
About 900,000 doses of cholera vaccine are due to arrive this weekend and a vaccination campaign should start on Tuesday. While India sees the existing population of around 40,000 Rohingyas as a security threat , Haque had a different take.
Ghana coach Kwesi Appiah has admitted that it will not be easy playing Uganda in Kampala. "I know they will do well". The 56-year-old explained his reasons for dropping a handful of stars from Ghana's squad for the Uganda clash.
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Indian bowlers performed in unison as Australia were restricted to a meagre 118 for 8 when rain stopped play after 18.4 overs. From there on, India took complete control of the game with Yadav and Jasprit Bumrah (2-17) among the wickets.
However, 24% feel that the technology now in the auto is enough to work perfectly and do not need any advance technology. Toyota had three vehicles coming in with "low" rankings, including the Camry SE, Corolla SE and the Toyota Sienna XLE.
Warner said that representatives from Twitter, Facebook, and Google have been invited to testify at a November 1 public hearing before the committee.
EU Summit Opens With Focus On Stalled Trade Talks
Even after Britain leaves the European Union in March 2019, the bloc will still be India's biggest trading partner, Juncker said. External Affairs Ministry spokesperson Raveesh Kumar tweeted that Sushma Swaraj and Mogherini "held productive discussions".
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Kowalski adds that he wouldn't be surprised if the show was messing with its viewers, and sauce actually doesn't taste very good. The only Triad McDonald's location offering the limited-run Szechuan Sauce on Saturday is at 2241 Martin Luther King Jr.
Get your National Taco Day on with these Houston deals
This is hardly an exhaustive list, so be sure to poke around and call your local taco sellers to find more deals. Order the Taco Gigante for $12.99 and receive a voucher for a second one to eat later, if you're up to it.
In Catalonia hosted a large-scale protest
Seibert noted that Merkel wasn't seeking to mediate the dispute between Madrid and Catalonia's regional government in Barcelona. Their main goal was to show Madrid and the worldwide community that hundreds of thousands of Catalans support independence .