Relief for small traders expected after today's GST Council meet

We have always been GST-compliant, says iflix

The impact of the GST on trade, small businesses and its transition issues were discussed in the meeting held earlier today and the following decisions were announced by Jaitley on late Friday evening.

Man made yarn was taxed 18%, it has been put in 12% slab, will have effect on textiles.

- Government contracts involving intensive labour, like irrigation projects will be taxed at 5 per cent GST. The refund for the month of July 2017 will be paid back to the merchants starting October 10th 2017 and the refund for August 2017 will be paid by cheque starting October 18th, 2017. "Since GST has no exemptions, for now, all exporters will be given an e-wallet". And on the basis of this credit, firms can pay IGST and GST.

The GST Council meeting exempted dealers in precious metals, including gems and jewellery, from the Prevention of Money Laundering Act (PMLA), 2002.

With over 33 lakh businesses filing the final GSTR-1 return, the GoM has tasked GSTN to send reminder text messages to the remaining 20 lakh businesses which are yet to submit the tax forms. The GST on cab lease services may get cheaper to 18 per cent from 28 per cent.

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.




Reacting to the development, Pratik Jain, Leader-Indirect Tax at PWC India, said: "Life will become easier for small businesses having a turnover of Rs 1.5 crore as they have the option of filing a quarterly return and payment of quarterly tax".

He said that composition scheme limit has been increased from Rs 75 lakh to Rs 1 crore and added that 1% tax is applicable on traders under composition scheme.

The officials further clarified, "The GST ranging from 5% to 12% is leviable on branded and packed food items, vegetables and fruits, while no GST is chargeable on unbranded and unpacked food items". Also, the taxpayer can only make intra-State supply of goods.

- Stones used in flooring, except marble and granite - will be now taxed at 18 per cent instead of 28 per cent.

The panel chose to give an option to taxpayers to avail the composition scheme if their turnover is less than Rs. 1 crore as against the previous limit of Rs. 75 lakh. This rule shifts the liability to pay the tax on the buyer instead of than the seller.

The e-wallet option will be launched by 1st April, Jaitley added. These collections will not be the complete picture as these two months were early transitional phase.

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