Just Three Months After The Implementation, Government Has Reduced The Rates On 27 Items.

Nirmal Singh Lotus Green

Following the meeting of the GST council, Finance Minister Arun Jaitley has come up with various relief ideas for the people. The major one being the allowance to file tax returns once a quarter instead of filing them every month. This one step will help businessmen, especially the small businessmen.
Focusing on providing relief to small and medium enterprises (SMEs) and the exporters from the major changes because of the tech-oriented goods and services tax (GST), the GST council announced various changes in the rules on Friday. 

Nirmal Singh Lotus Green says that according to the changes announced by the panel, the tax rates on about 27 products and some services and also requested the panel of the state ministers to think if they could change the 18% GST on air conditioned restaurants and try to lower it.

Nirmal Singh Lotus Green said that the council, headed by the Finance Minister has agreed to continue with the two pre- GST era schemes which allows duty- free sourcing of materials for export production till March 2018. This would help improve the liquidity of exporters and also help them save their working capital which usually gets locked up in tax production.

The Council has decided to clear all the tax refund claims made by the exporters for July, maximum by the 10th of October and for the month of August by the 18th of October. They have introduced a 0.1% GST rate for merchant exporters and offered them relief from the full applicable GST rates on their procurements. The step taken by the GST council will provide immediate a much needed relief to SMEs, says Nirmal Singh Lotus Green.

The step will come into force over the next week and in order the make the implementation better they have started preparing for the immediate refunds. They are also planning to launch an e- wallet scheme by April 2018 with notional tax credits that exporters can use to procure goods without incurring tax burden and to make it possible the council is all set to launch an e-wallet scheme.

Nirmal Singh LotusGreen says that this step by the government will help influence more businessmen- traders, restaurants and manufacturers and would encourage them to sign up for a liberal quarterly tax return filing and payment scheme called the ‘composition scheme.’ With the help of the scheme, small businesses, especially the ones with their sales up to ₹ 1.5 crore would file quarterly tax returns and this would help them save their working capital hence helping them grow their business. 
Location: India

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