GST council meet underway: 6 major announcements we can expect from govt

GST likely for Netflix and iflix soon

The GST Council also said that it is considering the changes for a number of other items and an announcement on any further development will soon follow.

CII Director General Chandrajit Banerjee said that the SME sector compliance will greatly improve as limit for composition scheme has been increased to Rs 1 crore. Also, though returns for the first two months, July and August have already been filed, it was announced that refunds would be made this month through cheques that would be issued on October 10 and October 18. Similarly, the reverse charge mechanism for transactions between registered and unregistered businesses has been deferred till March 31, 2018.

Similarly, the tax rate on rotis and khakra was cut along with savouries and ayurvedic and homoeopathic medicines.

India announced a significant revamp of the goods and services tax (GST) regime three months after it was rolled out, addressing key complaints, especially those of small-scale industry and exporters.

The decision follows recommendations of a high power committee headed by Revenue Secretary Hasmukh Adhia that looked into ways of addressing the difficulties faced by exporters post-GST and the decline in export performance and export competitiveness.

Taking stock of the exporters' working capital that was getting blocked under GST affecting their cash liquidity, the Council has made a decision to disburse their refunds through cheques for July and August from October 10 and October 18 onwards respectively. Shiv Pratap Shukla urged people to give the government nine months to remove all glitches in the GST system.

In a major relief to the common man, small and medium traders and exporters, the GST Council on Friday reduced tax rates on 27 items and allowed small traders to file their returns on a quarterly basis. Jaitley said that a majority of them have a turnover of less than Rs 1 crore and the compliance expected from them exceeds the tax input from them.

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Finance Minister Arun Jaitley on Friday chaired a meeting of the council for the Goods and Services Tax (GST), a landmark reform which turned India's 29 states into a single customs union for the first time.

Tax on stationery items, stones used for flooring (other than marble and granite), diesel engine parts and pump parts has been cut to 18 per cent from 28 per cent. GST on e-waste has been slashed to 5 per cent from 28 per cent.

Exporters' tax refunds, which have been pending, will be cleared over the next two weeks - those for July by 10 October, and for August by 18 October.

A new electronic e-wallet system is being created for exporters, which will be implemented April 1, 2018. The GoM will have to file its report within a two-week period.

The crux of his criticism was centered on the Congress' insistence that the objective of its version of the GST was to have a tax regime that would be transparent, uncomplicated. The monthly to quarterly switch over for filing of returns for small businesses will kick off from October 1. Service providers can not opt for the scheme.

# Service providers with turnover less than Rs 20 lakh are exempt from inter-state service.

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