Sunday, 22 October, 2017

Top 10 major changes in GST for small and medium businesses

PETALING JAYA Video-on-demand service iflix today said it had been GST-compliant since it first made its service available to Malaysian consumers PETALING JAYA Video-on-demand service iflix today said it had been GST-compliant since it first made its service available to Malaysian consumers
Kelvin Reese | 08 October, 2017, 01:02

Bringing significant relief to the small and medium businesses and exporters, the Goods and Services Tax (GST) Council on Friday finalized a slew of relaxation measures. The question is whether lower tax could be without the benefit of input tax credit, most restaurants are found to not passing on the benefit of ITC availed to the customers.

The synthetic filament yarns were earlier under the 18% slab but it today's meeting rate has been reduced to 12%.

The decision to bring down rate for AC restaurants to 12 per cent and reduction of tax slabs for around 60 items to 5 per cent from 12 per cent will help boost household spending and further economic growth, he said. The scheme allows traders to pay 1 to 5 per cent tax without going through tedious formalities. It will also look into the definition of turnover and inter state sales by those interested he composition scheme.

"The medium and small companies should remain in the tax net, but we will relax their compliance burden", he said. So the threshold has been now increased.

Studying the stress points in the GST regime with 72 lakh taxpayers having migrated to the new tax system, the Council identified that 25-26 lakh GST assessees are new taxpayers. About 95 percent of the revenue is collected only from large assessees, he said.

Keeping in view of the liquidity problem being faced by the exporters, the Council has made a decision to immediately start refund process for the month of July by 10th October while exporters can get refund of August by 18th October. "The refund will be offset later against that amount", Jaitley said The e-wallet option will be launched by 1st April, he added.

"Every exporter will now get an e-wallet". The council has also chose to develop an e-wallet gateway in six months.

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Monarch Airlines bankrupt; Gibraltar prepares "prudent" contingency plans
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To prevent cash blockage of exporters due to upfront payment of GST on inputs, etc, the Council approved two proposals -one for immediate relief and the other for providing long term support to exporters.

E-way bill, which allows for seamless movement of goods worth over Rs 50,000, is likely to be implemented from April 1, 2018.

The system shall be introduced in a staggered manner with effect January 1, 2018 and will be rolled out nationwide effective April 1, to give trade and industry more time to acclimatize.

Summary: "Modi became PM after selling tea and we, too, are hoping that our fate will change by selling tea and our "good days" will soon arrive", said Jaswinder Singh Thukral, president of Janta Nagar Small Scale Manufacturers' Association.

"The reverse charge mechanism will be reviewed by a committee of experts".

Jaitley said a number of representations had been received and the council had chose to give relief to small and medium enterprises (SMEs) and exporters.

If GST on service is reduced to 10-percent, then scope of tax on service can be reduced from present 20 lakh per annum to five lakh per annum with those availing service worth more than five lakhs required to deposit GST directly to public-exchequer rather than routed through service-provider.

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