GST rates on 27 items cut: Relief for exporters & SMEs — Money Maker Research Pvt Ltd
In view of improving the liquidity of exporters, the GST Council decided to keep on with two pre-GST era schemes that permit duty-free sourcing of materials for export production till March 2018.
INDORE, India – Oct. 7, 2017 – PRLog — Offering sigh of relief to small and medium enterprises (SMEs) and exporters, GST Council on Friday announced a sequence of rule changes.
After the end of the meeting, FM Arun Jaitley said, the GST Council lowered tax rates on 27 products and a few services and asked state ministers panel to look at if the 18 percent GST on air-conditioned restaurants could be lowered.
In view of improving the liquidity of exporters, the GST Council decided to keep on with two pre-GST era schemes that permit duty-free sourcing of materials for export production till March 2018.
The GST Council made decisions to clear all tax refund claims of exporters for July by 10 Oct and for Aug by 18 October, besides introducing a 0.1 percent GST rate for merchant exporters.
More business enterprises, restaurants and manufacturers can now go up ‘composition scheme’ by signing wfv up for a liberal quarterly tax return filing and payment scheme, by raising the threshold to Rs.1.00 crore of annual sales from Rs.75.00 lakh. A marginal flat rate of tax is charged under the scheme.
The Council also eased the tax rate on certain services like as job works in a few sectors from 12 percent to 5 percent.
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