Full GST Council meet; likely to provide some relief to traders

Arun-Jaitley-GST-PTI

The Micro, Small and Medium Enterprises (MSMEs) in the country are to bear the negative implications under the Goods and Services tax (GST), a report by India Ratings said.

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.

The e-wallet option will be launched by 1st April, Jaitley added.

Hence, the small and medium tax payers, whose turnover is less than Rs. 1.5 crore, the whole compliance burden has decreased through two ways - that less than one crore will go in composition, which is quarterly and can pay nominal tax.

Now forSMEs with annual turnover of Rs 1.5 crore will be allowed to file quarterly returns, this will be a big relief to the small-scale players.Banerjee further commented that deferment of ReverseCharge Mechanism (RCM) is welcome as it encourages registered taxpayers to continue sourcing from small and unregistered taxpayers.

GST rate on 27 items reduced: FM Jaitley.

The measures come as the economy grew at 5.7 percent in April-June quarter, the slowest in the last three years, as companies and retailers pared inventories of goods before the roll out of the GST and struggled to recover from last year's shock cash ban.

- Paper waste from 12% to 5%.

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A panel is reviewing the 18 per cent GST tax rate that you now pay for eating out at AC restaurants.

- ICDS food packets for children reduced from 18% to 5%.

GST rate on parts suitable for use exclusively or principally with fixed Speed Diesel Engines of power not exceeding 15HP and parts suitable for use exclusively or principally with power driven pumps primarily designed for handling water, namely, centrifugal pumps (horizontal and vertical), deep tube-well turbine pumps, submersible pumps, axial flow and mixed flow vertical pumps has also been reduced from existing 28% to 18%.

SERVICES: 12 per cent tax will be levied on services such as state-run lotteries, non-AC hotels, business class air ticket, fertilisers and work contracts.

The GoM will also look into whether manufacturers availing composition scheme can claim input credit on 2 per cent GST paid by them.

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.

Jaitley said that it is not possible to comment on the pattern of GST collection as it's a transition phase. He said in Patna yesterday that under the current tax regime all tax-payers have to file monthly return, which is causing a lot of difficulty to small traders.

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