Threshold For Composition Scheme In GST Hiked To Rs 1 Crore

In its second meeting held here on Wednesday the Group of Ministers asked the GST-Network to brace for the rush of last-minute filers. Representational Image

SERVICES: State authorised private-run lotteries, hotels with room tariffs above Rs 7,500, 5-star hotels, race club betting, and cinema are all under the highest tax slab of 28 per cent. "For example, if a grocery shop sells branded item at 5% GST, but pays zero tax for the goods sold loose, the question now arises if the exempted goods should also be counted to determine turnover", said Jaitley. The government is mulling to reduce tax slabs and tax rates to ease businesses. This was followed up with the PM's over three-hour brain-storming session with Finance Minister Arun Jaitley and BJP chief Amit Shah on Thursday.

The government has also chose to exempt exporters from IGST for next six months.

The Federation of Indian Export Organisations (FIEO) had sought GST refund for exporters based on GSTR-1 (the return relating to supplies) and GSTR-3B (a summary of transactions). "The rollout of E-Way Bill, another issue that has been under consideration for a long time, has been deferred to March 31, 2018", he added.

"Every exporter will now get an e-wallet".

Council is likely to decide on providing some relief to exporters in terms of faster refunds as well as compliance.

He said with this, the department would meet its targeted GST collection of RM42bil for this year as part of its Key Performance Index.

The transitional credit refund claim by taxpayers in the first month of July was staggering Rs 65,000 crore, including thousands of crores of rupees from exporters.

The CAIT has demanded that if seller is not depositing tax, the onus should not be put on the buyer and since the government has issued GST no. after proper verification, the recovery of tax should be the duty of the government and not the traders. They also sought the option for quarterly filing instead of the present monthly filing norm. It has now been made a decision to exempt those service providers whose annual aggregate turnover is less than Rs 20 lakh from obtaining registration even if they are making inter-state taxable supplies of services. Under the composition scheme, businesses pay a fixed rate to avoid GST paperwork.

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

The Group of Ministers, under Sushil Modi, set up to look into GSTN glitches also briefed the Council on the portal's functioning.

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