GST Council meeting likely to introduce new reforms into the system

M'sians Will Likely Have To Pay GST To Stream Netflix And iflix

Also, the taxpayer can only make intra-State supply of goods. After the day-long meeting, Jaitley said small businesses would be allowed to file tax returns once a quarter instead of every month.

- Ayurvedic medicines will now incur 5 per cent GST as against 12 per cent earlier.

The report also suggested a possible GST rate cut in the luxury goods category which now is in the 28 per cent tax bracket.

The GST Council, headed by Finance Minister Arun Jaitley, allowed exporters to continue with exemptions that existed before the tax roll out until the end of the financial year in March 2018.

Based on feedback received from business entities other structural changes in the new national tax regime are also expected to be considered. GST council is likely to assess the improvements in the GST Network's functioning.

The Council made a decision to continue with two pre-GST era schemes that allow duty-free sourcing of materials for export production till March 2018, a move that will improve the liquidity of exporters by preventing their working capital from getting locked up in tax procedures.

Earlier, Revenue Secretary Hasmukh Adhia had set up committee to look into the issues faced by the industry under the new taxation system.

Faster refunds and relief in terms of compliance have been some of the key demands of exporters.

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The amendment to the GST Act is part of the department's goal of achieving an additional RM1bil from GST from the remaining Q4 of 2017, and subsequently meets its Key Performance Index (KPI) of collecting RM42bil worth of GST.

The GST council may also discuss easy compliance issue for exporters.

Those who have more than Rs. 1.5 crore turnover, they, according to the old circle, GST 1, GST 2, GST 3 will file according to that monthly.

While the speculations are rife about what could the government announce, we have listed out 5 major possibilities that can soon become a reality after the council meeting gets over.

This could be altered to a quarterly exercise for businesses with a turnover of up to Rs 1.5 crore.

Albeit, this might also come as a disappointment to many, as it was being widely speculated that the limit would be raised to Rs 1.5 crore in today's meeting.

Traders will pay 1%, manufacturers 2% and restaurants 5% under the composition scheme. Ajay Sahai, head of the Federation of Indian Export Organisation, said before the Jaitley press conference that its 25,000 small and medium-sized members had found the monthly tax drill "exhausting".

While addressing the media after the GST Council's meeting Arun Jaitley said the Council has chose to cut GST rate on 27 commonly used items including manmade yarns of different types - a major demand by the textile industry, especially in Surat.

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