GST Council meet as it happened: Exemption for exporters till 31 March, says Arun Jaitley

Auto Refresh Feeds
GST Council meet as it happened: Exemption for exporters till 31 March, says Arun Jaitley
  • 20:42 (IST)

    Switchover to quarterly filing will start from 1 October

    Finance Minister Arun Jaitley clarifies that small businesses will also have to file monthly returns for three months – July, August and September – and the switchover to quarterly filing will happen from the cycle starting 1 October.

  • 20:39 (IST)

  • 20:37 (IST)

    Khakra, diesel engine parts to become cheaper


    Finance Minister Arun Jaitley says GST on khakra and unbranded namkeen has been reduced from 12 percent to 5 percent. Tax on zari work, unbranded ayurveda medicine has been reduced from 12 to 5 percent. GST rate on many job work items reduced from 12 percent to 5 percent. GST rate on some stationery items, diesel engine parts also reduced to 18 percent from the earlier 28 percent.

  • 20:35 (IST)

    GoM to relook tax on AC restaurants

    Finance Minister Arun Jaitley announces that a group of ministers will relook tax on AC restaurants. Eating out is set to become cheaper with the GST council in-principle agreeing to reduce the GST rate from the current 18 percent to 12 percent. The GoM will submit its report in 14 days

  • Good news for exporters and small units

    Measures announced by Union finance minister Arun Jaitley to offer relief for exporters by assuring immediate refunds for July exports and making a provision to offer e-wallets or refund by 1 April next year are positive steps that will improve sentiments. Like this, giving relief to small companies with turn over less than Rs1.5 crore by letting them file returns quarterly too will ease the compliance burden of this segment. Above Rs1.5 crore turn over, companies need to still file monthly returns. On the whole, the GST council meeting today appears more about easing the process rather than revising the tax rates. However, at the presser after the meeting, Jaitley said the GST council has cut the tax rates for a number of items such as certain packed food items and medicines. Also, the GST council will consider reducing the tax burden to certain segments such as restaurants, the FM said. One needs to see the details to understand the full impact of these revisions. 

  • 20:29 (IST)

    No reverse charge mechanism for transactions between registered, unregistered business till March-end 

    Finance Minister Arun Jaitley says reverse charge mechanism for transactions between registered, unregistered business deferred till 31 March 2018.

  • 20:26 (IST)

  • 20:24 (IST)

    2% tax applicable on manufacturing firms

    Finance Minister Arun Jaitley says 2 percent tax applicable on manufacturing firms under composition scheme, 5 percent tax applicable on restaurant business under composition scheme.

  • 20:18 (IST)

    Compliance burden on small taxpayers was heavy, says Arun Jaitley

    Finance Minister Arun Jaitley says studied representations that compliance burden on small taxpayers was heavy. Composition scheme net has been widened to taxpayers with turnover up to Rs 1 crore, says Jaitley. The finance minister says 1 percent tax applicable on traders under compositie scheme.

  • 20:16 (IST)

    Every exporter will now get an e-wallet, says Jaitley

    Every exporter will now get an e-wallet. In the e-wallet, there would be a notional amount for credit. The refund they will eventually get will be offset from that amount. The e-wallet will be introduced from April next year.  

  • 20:13 (IST)

    Tax refunds to exports will start from 10 October

    Tax refunds to exports will start from 10 October, says Arun Jaitley. There will be a nominal 0.1 percent GST applicable on exports, the finance minister announces.

  • 20:12 (IST)

  • 20:11 (IST)

    Electronic refund mechanism to take time: Jaitley 

    "Electronic refund mechanism for exporters will take some time," says Finance Minister Arun Jaitley.

  • 20:07 (IST)

    GST in transitional phase, says Jaitley

    "There were representations on issues related to MSMEs and exporters with respect to GST. Not possible to comment on the pattern of GST collection as it's a transition phase," says Finance Minister Arun Jaitley.

  • 20:04 (IST)

    Impact of GST on trade, transition discussed: Jaitley

    "Impact of GST on trade, transition issues were discussed today. Exports were a main concern of the small-scale sector," says Finance Minister Arun Jaitley.

  • 20:01 (IST)

    Finance Minister Arun Jaitley addresses media.

  • 19:58 (IST)

    GST Council meeting ends. Finance Minister Arun Jaitley may speak shortly.

  • 19:47 (IST)

    Big-ticket rate revisions not discussed

    Jammu and Kashmir Haseeb Drabu told CNBC TV18 not a lot of big-ticket rate revisions at this GST Council meeting were discussed.

  • 19:44 (IST)

    GST on works contracts reduced to 5%


    Jammu and Kashmir Haseeb Drabu told CNBC TV18 that GST on works contracts for government reduced to 5 percent from 12 percent.

  • 19:42 (IST)

  • 19:41 (IST)

  • 19:40 (IST)

    What we know so far:

    • GST Council to allow quarterly filing of returns for businesses with annual turnover of less than Rs 1 crore.


    • Relief for jewellers as no need to furnish PAN card on jewellery purchase of more than Rs 50,000.

    • GST rate on handicrafts may be cut from 12% to 5%.

    • GST Council decides to roll-out e-way billing from April.


    • A few daily-use items to get cheaper. Some daily use items removed from 28 percent tax slab.


    • In principle, GST Council has revised the rate of air-conditioned restaurants to 12 percent. A group of ministers has been formed to devise the mechanism. The GoM will submit its report in 10 days.

  • 19:37 (IST)

    Meanwhile, Ludhiana industrialists protest against GST

    A group of industrialists in this Punjab city representing small industries on Friday protested against the new indirect tax GST.


    They demanded the withdrawal of Goods and Services Tax.


    Jaswinder Singh, president of Janata Nagar Small Industrial Association, who was leading the protest said that the wrong economic policies of the government have destroyed the financial structure of the country.


    Trade and industry have become the worst victim of wrong economic policies, he added. 


    PTI

  • Compliance burden for small firms to ease


    Reports suggest that SMEs with annual turn over up to Rs 1.5 crore have been allowed to file returns on a quarterly basis now, instead of monthly. This is a good move that will ease the compliance burden for small industrial units. Small industrial units need to be given special care since these entities lack the clout and financial muscle enjoyed by large corporations.

  • 19:29 (IST)

  • 19:27 (IST)

    SMEs earning up to Rs 1.5 crore annually to file quarterly returns

    SMEs with an annual turnover of up to Rs 1.5 crore allowed to file quarterly returns, reports CNBC TV18.

  • 19:24 (IST)

    Next GST Council meet to be held on 9 and 10 November in Guwahati.

  • 19:22 (IST)

  • 19:19 (IST)

    Bills in AC restaurants to become cheaper


    AC restaurant tax rate revised to 12 percent from 18 percent GST Council member Mauvin Godinho tells CNBC TV18.

  • 19:16 (IST)

    Six months wait for e-Wallet facility to come up for exporters 


    e-Wallet for exporters will come into play in six months, CNBC TV18 reports.

  • 19:14 (IST)

    Gas stoves get cheaper

    According to the CNBC TV18, GST rate for some items has been reduced from 28 percent. GST rate on gas stove and consumer articles have been brought out of the 28 percent bracket. 

  • 19:03 (IST)

    GST Council to examine key rate cut issues in restaurants

  • 19:00 (IST)

    Union Finance Minister Arun Jaitley at the 22nd meeting of the Goods and Services Tax Council, in New Delhi on Friday. PTI

  • 18:56 (IST)

  • 18:55 (IST)

    Finance Minister Arun Jaitley will brief the media at 7 pm.

  • By removing PAN requirement for gold purchase, isn't the govt taking a U-turn?

    If initial reports are anything to go by, from now on the government need not be informed on the purchase of jewellery for over Rs 50,000. PAN card is no longer mandatory for such purchases. Prima facie, this decision is surprising since the very idea of making PAN mandatory for high-value gold purchases was to check the flow of illegal cash. By removing this restriction, isn't the government now taking a U-turn from this objective?

  • 18:46 (IST)

    GST Meet helps markets go for a bull run on Friday; hits two-week high

    Domestic bourses saw their their first weekly rise in three weeks as the Sensex on Friday soared over 222 points to end at an over two-week high of 31,814.22 and the Nifty closed near 10,000-level on across-the-spectrum buying led by metal stocks ahead of the GST Council meet outcome.

    Expectations built up among investors on ground that today's GST Council meeting may provide some relief to exporters and small and medium enterprises in terms of faster refunds and compliance.

    Positive global cues tracking another record close on Wall Street on account of buoyant US data and hopes for tax reform too helped the domestic rally.

    PTI

  • 18:36 (IST)

    Ahead of state Gujarat polls, government offers relief for jewellers 

    The government need not be informed on the purchase of jewellery for over Rs 50,000. PAN card no longer mandatory for such purchases, reports CNBC Awaaz.

  • 18:30 (IST)

    The threshold for composition scheme in GST hiked from Rs 75 lakh to Rs 1 crore: Sources.

    PTI

  • 18:27 (IST)

    Handicraft to get cheaper, reports moneycontrol.com

    Quoting sources moneycontrol.com reported that the GST rate on some handicraft items may be cut to 5 percent from 12 percent.

  • 18:19 (IST)

    Haryana Finance Minister Capt Abhimanyu and J & K Chief Minister Haseeb Drabu at the 22nd meeting of the Goods and Services Tax (GST) council, in New Delhi on Friday. PTI 

  • 18:06 (IST)

    World Bank says GST will have positive impact

    World Bank president Jim Yong Kim said that the Goods and Services Tax is going to have a hugely positive impact on the Indian economy.

    "There's been a deceleration in the first quarter, but we think that's mostly due to temporary disruptions in preparation for the GST, which by the way is going to have a hugely positive impact on the economy," Kim told a group of reporters during a conference call ahead of the annual meeting of the International Monetary Fund and the World Bank in Washington.

  • 17:59 (IST)

    Union Finance Minister Arun Jaitley, Minister for State for Finance Shiv Pratap Shukla and Revenue Secretary Hasmukh Adhia at the 22nd meeting of the Goods and Services Tax (GST) council, in New Delhi on Friday. PTI

  • 17:55 (IST)

    Composition scheme threshold to go up?

    According to moneycontrol.com, Telangana finance minister says that composition scheme threshold likely to be raised to Rs 1 crore to 1.5 crore; expect full consensus on it.

  • 17:53 (IST)

    Goa chief minister Manohar Parrikar, Puducherry chief minister V Narayanasami, Bihar deputy chief minister Sushil Kumar Modi, Delhi deputy chief minister Manish Sisodia at the 22nd meeting of the Goods and Services Tax (GST) council, in New Delhi on Friday. PTI 

  • 17:48 (IST)

    Composition scheme limit hiked?

    Sources say GST Council has decided to raise composition scheme limit to Rs 1 crore from Rs 75 lakh, reports CNBC-TV18’s Shereen Bhan

  • 17:44 (IST)

    Discussions on economy, GST good for democracy: Naidu
     
    Vice President M Venkaiah Naidu on Tuesday said discussions on the economy and GST should carry on, stressing that such debates were always good for democracy.
     
     
    In the long run, GST would be beneficial for all, the vice president asserted. 
     
     
    "Discussions are going on about the country, its economy and also GST - its effects, after-effects and side-effects. Let the discussions go on. It is always good for democracy," Naidu said at the International Conference on Technological Advancements in Railway and Metro Projects.
     
    PTI

  • 17:36 (IST)

    No discussion on cutting tax rates? 

    A Financial Express report said: "The GST Council, in its 22nd meeting today in New Delhi, has apparently skipped the discussion on cutting tax rates on the remaining 60 of the 100 items under review, and has instead chosen to focus on straightening out administrative and procedural issues to make the implementation of the tax reform simpler for business owners."

  • Political consensus for GST a big success

    The political consensus generated for the passage of GST Bill was a major success of the Narendra Modi the government to push the reform agenda. GST has been stuck in Parliament for more than a decade. But, with small companies increasingly feeling the heat of GST rollout, this political consensus is on a shaky ground now. Opposition parties have escalated the attack on the government citing the hardship faced by small entrepreneurs in the GST regime. If necessary adjustments are not made to ease this pain, the government will have to prepare for tougher days ahead.

  • 17:16 (IST)


The all-powerful GST Council is meeting on Friday amid rising clamour for changes in the new tax regime that has inflicted considerable pain on the small and medium enterprises.

The 22nd meeting of the council comes soon after Prime Minister Narendra Modi, BJP president Amit Shah and Finance Minister Arun Jaitley held an emergency meeting on Thursday, where the topic of discussion was reportedly the state of the economy and the ways to affect a course correction.

Small and medium-sized enterprises, crucial to Modi’s plans to create millions of more jobs, have been hurt by a massive tax overhaul launched in July that added layers of extra bureaucracy for firms and hit exports.

Finance Minister Arun Jaitley is now chairing the meeting of the council. Officials with knowledge of the meeting and industry bodies told Reuters that they expected the government to simplify the filing of tax returns under GST to ease the burden on smaller businesses.


Many companies also want the government to increase the size of turnover imposed before they must start filing returns. Ajay Sahai, head of the Federation of Indian Export Organisation, told the news agency that he expected the government to allow its 25,000 small and medium-sized members to file tax returns quarterly.

However, it is not only the MSMEs that will get a hand-holding. Read here about the four key steps the GST Council is likely to take on Friday.


Published Date: Oct 06, 2017 08:27 pm | Updated Date: Oct 06, 2017 09:31 pm


Also See