Changes have made GST 'even simpler': PM Modi
Politics | October 06, 2017 23:55 ISTThe changes were made three months after rollout of the new indirect tax regime.
The changes were made three months after rollout of the new indirect tax regime.
Arun Jaitley made the announcements after a day-long 22nd meeting of the GST Council that took note of the difficulties faced by various businesses.
The GST Council, headed by FM Arun Jaitley, also allowed traders with turnover less than Rs 1.5 crore to file return quarterly.
The Rs 1 crore threshold in the Composition Scheme has been approved also by the GST Council members, sources said here on the sidelines of its ongoing meeting.
GST Council raised the threshold limit for Composition Scheme to Rs 1 cr from the current Rs 75 lakh to ease tax filing for small traders. Under the Composition Scheme, traders have to pay a fixed tax rate between 1-5%.
The Housing and Urban Affairs Minister said the "dislocation" should be seen against the "permanent long-term tangible benefits" of GST.
Refuting criticism of his government's handling of the economy, PM Narendra Modi said that during the previous UPA regime, economy was below 5.7 per cent eight times.
Rolled out from July 1, GST has unified over a dozen local taxes including excise, service tax and VAT, and has transformed India into a single market for seamless flow of goods and services.
The earlier deadline was September 30. The revision came after several requests from the industry and retailers to extend the deadline for some more time.
Bringing petroleum products under GST may lead to petrol and diesel prices falling by as much as Rs 31 in Delhi.
Compliance for the month stood at 55 per cent, down from around 65 percent last month.
Prime Minister Modi on November 8, 2016, demonetised Rs 500 and Rs 1,000 notes in a bid to clamp down on black money, fake currency menace, terror funding and corruption.
Dharmendra Pradhan attributed the recent hikes in fuel prices to the market fluctuations caused by the hurricanes Irma and Harvey in the US that caused market fluctuations.
Packaged food products will not attract GST at 5 pc if the manufacturer declares to voluntarily forego any actionable claim or enforceable right on the brand name.
As regards the GSTR-3B returns for July, a total of 46.4 lakh taxpayers filed them, representing about 78 per cent of all taxpayers registered on the GST portal and eligible to file GSTR-3B for July.
The GST Council had earlier this month decided to set up a GoM to sort out the issues faced by businesses while filing returns and paying taxes on GSTN portal.
The GST Council has allowed businesses to file GSTR-3B, which is a self-assesment of their sale and purchases, till December.
The GST, which kicked in from July 1, allows tax credit on stock purchased during the previous tax regime. This facility is available only up to 6 months from the date of GST rollout.
The Finance Ministry late last night notified the hike in quantum of cess to be levied on cars, following which the new rates came into effect.
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