GST rates cut on 27 items

GST likely for Netflix and iflix soon

Under the Composition Scheme, traders have to pay a fixed tax rate between 1-5 per cent. "Today's recommendations will immensely help small and medium business".

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.

Exporters, who have been facing sluggish growth due to global slowdown, will get refunds for the tax paid by them on exports during July and August by October 18, he said. Presently, only composition scheme holders are allowed to file quarterly returns.

The Goods and Services tax council on Friday allowed small businesses with a turnover of Rs 1.5 crore to pay tax and file returns quarterly instead of monthly. 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.

"The Council was unanimous that it is in the national interest to take all possible measures to support the exporting community, which earns valuable foreign exchange and provides significant employment especially in the small and medium sector", said the government in its official release.

Tax on stones used for flooring (non-marble and granite), diesel engine parts, pump parts and stationery items has been reduced to 18 per cent from 28 per cent.

GST, which was rolled out on July 1, is a landmark tax reform which has subsumed around 17 indirect taxes and turned the entire country into a single market.

The crux of his criticism was centered on the Congress' insistence that the objective of its version of the GST was to have a tax regime that would be transparent, uncomplicated.

The council also slashed tax rates on 27 items including sliced dried mango, khakhra, manmade yarn, stationary items, e-waste, plastic waste, rubber waste and job-work services while deciding to adopt a concept paper on the tax rates that would form the backbone of all changes in future. Exports of goods or services have been zero-rated under GST.

Till then, exporters will have to pay nominal GST of 0.1 per cent for procuring goods from domestic suppliers for export. Along with that, the threshold for composition scheme has been increased from ₹75 lakhs to ₹1 crore and it is going to impact a lot of traders. For manufacturers, the rate is 2 per cent and 5 per cent for suppliers of food or drinks (without alcohol). It will also look at the taxation structure for restaurants, Jaitley said.

The reverse charge mechanism has been deferred until August 31, 2018.

Service providers can not opt for the composition scheme.

He also called for a "surgical strike" on the anomalies that prevailed in GST. It has now been made a decision to exempt those service providers whose annual aggregate turnover is less than Rs. 20 lakh from obtaining registration even if they are making inter-state taxable supplies of services.

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