Top 10 major changes in GST for small and medium businesses
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
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.
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.
Heading a high-ranking delegation Saudi King Salman bin Abdulaziz Al Saud is on an official trip to Moscow . At the core of Saudi Arabia's regional woes is its rival Iran , which is backed by Russian Federation .
Now, thanks to the outpouring of love, support and blood, the Las Vegas area is all set for donations at the moment. Blood has a shelf life, officials say, so it is important that donations are given on an ongoing basis.
A SC woman's mail delivery was anything but routine as her postal carrier handed her thousands of dollars worth of illegal drugs. Police think whoever sent them meant for them to go to the woman's old address, which is now a vacant apartment.
The meeting will consider proposals to strip early investors of super-voting power and secure a multibillion-dollar investment. All of Uber's shareholders will eventually have one vote per share, regardless of the class of company stock that they own.
Krygios was leading 6-0 3-0 when opponent Steve Darcis retired injured, and he will face Alexander Zverev in the next round. This year, Nadal beat Dimitrov 6: 3, 5: 7, 7: 6 (5), 6: 7 (4), 6: 4 in the semifinals of the Australian Open in January.
To coincide with the upcoming Disney film, McDonald's released a new limited-time condiment, Szechuan teriyaki dipping sauce. If it takes nine seasons!" the fast-food chain took notice. "Look at that art, look at the font", Harmon told Polygon .
Brexit Secretary David Davis , who said he is still aiming for a good deal, said the government must be prepared if talks fail. Robert Bell is a partner and head of the EU & UK competition team at worldwide law firm Bryan Cave.
Ms Wall died after going on a trip with Danish inventor Peter Madsen aboard his homemade submarine UC3 Nautilus on August 10. After throwing her body parts overboard he deliberately sank the vessel and claimed he had meant to stay on board.
They were identified as Staff Sergeant Bryan Black, 35; Staff Sergeant Jeremiah Johnson, 39; and Staff Sergeant Dustin Wright, 29. Eight Niger soldiers and two USA soldiers were wounded, according to a statement by Niger's Army Chief of Staff.
Steven Smith returns home with injury, David Warner to lead
Under the captaincy of Virat Kohli , the playing XI squad showcased excellent performances in all matches, except the fourth ODI. The fans can follow the live coverage of India vs Australia T20 match on HotStar official website as well as HotStar mobile app.
Mild Friday On Tap Ahead Of Humid Weekend
Saturday night will be clear with a low of 54, according to the weather service, and a south wind of 3 to 5 miles per hour . Sunday will be sunny with a high of 80 and a south wind of 3 to 7 miles per hour , the weather service said.
Trump may decertify landmark Iran nuclear deal
In a meeting with the military leaders, Trump emphasised that Iran must not be allowed to obtain the nuclear weapons. Trump on Thursday accused Iran of supporting terrorism and exporting "violence and chaos across the Middle East".
Death toll in Pak Sufi shrine attack rises to 22
The shrine, built in honor of a Sufi saint, was reportedly packed with worshipers at the time of the blast. Militants opposed to pluralist interpretations of Islam have targeted shrines such as this before.
Spanish court suspends Catalan parliament session
The vote did not have any census controls, electoral board or official vote-counting teams or global observers of any weight. It could intervene and suspend the autonomous status of Catalonia , an unprecedented step in 40 years of Spanish democracy.
Akhilesh Yadav re-elected SP chief for 5 years
Earlier, the Samajwadi Party chief had a tenure of three years but the party constitution was amended to extend it to five years. However, while Akhilesh was the cynosure of all eyes, his father and party founder Mulayam Singh was on everyone's lips.