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%.
Catalonia to Declare Independence in 'Matter of Days' A child wears an " estelada ", or Catalonia independent flag, with others in a protest in Barcelona , Spain, Tuesday Oct. 3, 2017. But he said that Spain "will overcome hard times". "The reports and images of clashes, violence and injuries are of concern".
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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Gravitational waves were predicted by Albert Einstein a century ago as part of his theory of general relativity. Weiss, Barish and Thorne will share in the Nobel prize of 9 million Swedish Krona (£834,264/$1.1 million).
Mattis and Dunford billed the plan as a "conditions-based" strategy, not dependent on a hard timeline for withdrawal of troops. After Trump's new policy was announced, though, McCain applauded the president "for taking a big step in the right direction".
Variety reported that the house and stage lights remained down for several minutes as crew members tried to help Manson. Journalist Katerine Turman tweeted that he was taken to the hospital and says that he only sustained a leg injury.
Spain's biggest stock index, the Ibex 35 , suffering its biggest daily loss on Wednesday since last year's Brexit referendum vote. The Catalan government is now to decide how and when exactly the declaration of independence could be made.
Hamas has rejected the Palestinian Authority's demand for disarmament and has vowed to hold onto its weapons to fight Israel. Hamas has ruled Gaza, while Abbas' party has controlled autonomous enclaves in the Israeli-occupied West Bank.
After his arrest , the actor was released on bail of $20,000. " These images are more than photographs, they are child abuse ". Photo via Wikimedia CommonsIn real life, the actor who played Puck - Mark Salling - will soon be a registered sex offender.
The source told the Las Vegas Review Journal that construction crews have repaired the holes after the FBI had investigated. She said she loved Paddock as a "kind, caring, quiet man" and hoped they would have a future together.
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Elgar, Markram make Bangladesh pay for poor bowling
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US Supreme Court divided over key employment dispute
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Space Station Astronauts Are Taking a Spacewalk Today
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Heath would have been quizzed over abuse claims
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GOP leaders say no action on gun legislation
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Gun fight ends, 1 jawan, 3 terrorists killed in battle
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