Peak 28% GST rate to come down eventually: MoS Finance

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

A total of 72 lakh taxpayers have migrated from the old regime and 26 lakh new taxpayers have registered under the GST. The government also announced quarterly filing of returns for businesses with annual turnover up to Rs1.5 crore.

The reverse charge mechanism has been deferred until August 31, 2018.

Unbranded namkeen, unbranded ayurvedic medicine, sliced dried mango and khakra will now attract 5 per cent GST lower from 12 per cent.

The council also agreed to bring e-Way bill by April 1 to facilitate movement of goods from one check post to another. "Moreover, the increase in threshold limit and quarterly returns will augur well for small exporters and job workers as they can focus on business and not procedures", said Amit Goyal, managing director of Mumbai-based Sarju International, a medium-sized company. Exporters have been anxious over the delayed refunds welcomed the changes, as these would help address their liquidity problems.

Keeping in view of the liquidity problem being faced by the exporters, the Council has chose to immediately start refund process for the month of July by 10th October while exporters can get refund of August by 18th October. For this, the Council agreed to suitably empower Central and State GST officers so that exporters get refunds from one authority only. "Overall, a vision-less government drunk with arrogance is wasting a golden opportunity of putting India on a growth trajectory", Congress communication department head Randeep Surjewala said.

The indirect tax body may also reportedly reopen registration for composition scheme, under which businesses with a turnover below Rs 75 were allowed to pay concessional tax rate, for the third time.

$1.4 million raised so far for Las Vegas shooting victims
Sahara". "And I feel like right now is just the time for everyone to come together and not be divided based on political beliefs". The account was created with a goal of $3.5 million, and as of Tuesday morning more than $3.1 million had been donated .

Compliance burden of medium and small taxpayers in GST being cut; eligibility of Composition Scheme raised to Rs 1 cr: FM.

The reduction came as part of a slew of measures announced by finance minister Arun Jaitley to bring relief to traders and small businesses.

The GST Council meeting, which was held under the Chairmanship of Union Finance Minister Arun Jaitely here yesterday, made a decision to reduce GST rates on dried mangoes, Khakhra, plain chapatis, unbranded Namkeens, unbranded ayurvedic medicines and paper wastes from 12 per cent to 5 per cent.

The GST Council has decided immediate disbursement of refunds to exporters for July and August.

An e-wallet system, a virtual currency meant for refund of taxes to exporters on the basis of past records or confirmed orders, would be introduced from next financial year.

Traders are facing technical glitches on return filing platform of GST Network (GSTN). "The idea of a nominal 0.1% GST is innovative and the concept of e-wallet is a good move in the digital direction", said Siddhartha Rajagopal, executive director, TEXPROCIL. This measure is expected to significantly reduce the compliance cost of small service providers. A GoM has been set up to decide on turnover calculation mechanism and its report is due in two weeks.

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