Narendra Modi: GST Council recommendations will immensely help SMEs

07 October, 2017, 00:40 | Author: Pamela Mathis
  • Prime Minister Narendra Modi and Union petroleum & natural gas minister Dharmendra Pradhan with chief executive officers and

The panel also raised the annual revenue threshold below which businesses won't need to maintain detailed accounts and cut tax rates on a number of goods.

Tax rate on man made yarn was reduced to 12 per cent from the current 18 per cent, which is expected to provide relief to the textile industry. In this regard, he met Finance Minister Arun Jaitley and Bharatiya Janata Party president Amit Shah on Thursday.

Merchant exporters will now have to pay nominal GST of 0.1% for procuring goods from domestic suppliers for export, the finance ministry said in a tweet. In the e-wallet, there would be a notional amount for credit.

The Council is also expected to take up proposals regarding suspension of the reverse charge mechanism.

Thomas Isaac said that the government aims to implement the e-wallet facility by March. "The refund of GST for July by October 10 and August by October 18 will address the liquidity concerns of the exporters". With the economy sliding downwards, the government can longer neglect the impact of GST on the market. The committee is likely to submit its preliminary report to the Council today.

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He said with this, the department would meet its targeted GST collection of RM42bil for this year as part of its Key Performance Index. It is possible that the council will issue some statements regarding the tax slabs. Moreover, it is optional and the eligible person opting to pay tax under this scheme can pay tax at a prescribed percentage of his turnover every quarter, instead of paying tax at normal rate. At present, the sector is burdened with astronomical debt of almost Rs 8 lakh crore by some estimates due to a slew of freebies which are being doled out by incumbent telecom players to retain their customer base. Under the composition scheme, businesses pay a fixed rate to avoid GST paperwork.

The objective behind it is to bring simplicity and reduce the compliance cost for small taxpayers.

The GST Council has also constituted a panel to consider rationalising GST rate for restaurants, he added.

Prime Minister Narendra Modi, while defending his government's track record in managing the economy, on Wednesday said that both demonetisation and the implementation of GST were structural reforms. The government is committed to addressing and resolving the grievances related to GST.

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