Amidst all the speculations and confusion that arose regarding the implementation of GST & its impact, The Finance Ministry of India gathered for a Council Meet for thought on GST glitches and various issues faced by small business and exporters. Since the success of business is supposed to be crucial for economy and country’s integrity, it was important that the tax structure, filings and various other formalities should be business friendly, under the GST.
Mr. Jaitley tended to the media after the meeting with the following updates :
Exporters to get E-wallets
The Finance Minister reports the setup of an e-wallet for exporters. “Since GST has no exclusions, for the present, all exporters will be given an e-wallet. It will be given a notional sum as propel discount. What’s more, on the premise of this credit, firms can pay IGST and GST. What’s more, discounts will be counterbalanced against this.”
“We will endeavor to begin the e-wallet office as quickly as time permits, by April 1, 2018 unquestionably,” he said. “An expert tech firm will be named.”
Big Relief For Small Businesses
Structure plan will be shaped under three classifications:
Traders with turnover under 1 crore will pay : 1%
Individuals with a turnover of 1.5 crores or less , will record quarterly return rather than month to month returns.
Also, the service providers with a turnover of less than 20 lakh don’t need to pay for interstate services.
GST & Exporters
The primary worry for exporters was that there were no taxes on exports as they at that point wind up noticeably noncompetitive in the worldwide market. The exports sector’s cash liquidity gets affected this way. I From October 10 and from October 18, refunds will be processed and the exporters will be provided with their cheques from the Centre and States. This is for the Time being solution and they are yet to come with a permanent one.
GST on Goods
GST on the following products have been remarkably sliced from 12% to a whooping 5%:
- Sliced dried mangoes
- packaged food for children
- Unbranded namkeens
- Unbranded Ayurvedic products
- Rubber waste
- Paper Waste
18% to 12% on Man made yarn
28% to 18% on:
- Diesel engine parts
- Flooring material
Zari works, imitation jewelry items, printing items have also been brought down to 18 to 5 per cent.