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Home >> News >> Traders get Big Relief from Monthly GST Return, Know Steps taken by GST Council

Traders get Big Relief from Monthly GST Return, Know Steps taken by GST Council

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Posted on: 07 Oct, 2017 Tags   GST GST Council Small Traders Arun Jaitley

IndiaNewsonWeb: 07 Oct, 2017, GST Council has given great relief to overcome the problems of small and medium traders after GST is implemented. Now 90 percent of traders will not have to file GST returns every month. In the 22nd meeting of the GST Council chaired by Union Finance Minister Arun Jaitley, two important decisions were taken on Friday with the intention of providing relief to small and medium traders. At the same time, after the GST came into effect, it has also decided to give big relief to exporters struggling with cash crisis.

GST Council, with the intention of providing relief to small and medium enterprises, decided to increase the existing limit of composition scheme to Rs 75 lakh per annum to Rs one crore. At the same time, the second decision is to eliminate the obligation to return returns every month for traders with turnover of Rs 1.5 crore per annum. Finance Minister says that after the Council's decision, 90 percent of registered businessmen in GST will not be required to file returns every month. They will be able to file returns once in three months. Also, the last date for filing return of July-September quarter of the composition scheme has been increased to 15 November. If the traders registered under the scheme get advance, then they will not have to pay tax on this.

Big council decisions

Fill up to 150 million people will return the quarterly returns
Limit of composition scheme increased from Rs 75 lakh to Rs 1 crore
Exporters also face problems, e-wallet arrangements from next March
Relief to the common man by reducing tax on 27 items and many services
E-Way bill will apply to all the countries from April 2018

It is notable that already told the GST Council meeting that the council could decide to give great relief to small and medium businesses. Prime Minister Narendra Modi, while addressing the Golden Jubilee program of the company secretaries two days ago, had said that the government was ready to make changes to GST rules to relieve the businessmen.

After the implementation of GST, the council has taken the second important decision to relieve the exporters struggling with refund. Exporters will be exempted from the IGST before the implementation of GST by March 2018 and thereafter e-wallet arrangements will be arranged for their refund arrangements. Under the e-wallet arrangement, exporters will be given a non-commissioned credit already by the government, which they can use to pay for the IGST. IGST seems to be on import. This system will start from April 2018. However, exporters who purchase goods for export from domestic manufacturers have to pay a nominal GST of 0.1 percent. However, for exporters who have paid GST for July, their refunds will start from October 10 and for August the refund will begin on October 18. The Council has made this decision on the recommendations of the Committee headed by Revenue Secretary Hasmukh Adhia. This committee was formed in the Council meeting of the Council.

Loss of GST Rate

GST Council also decided to implement the e-way system of bills in different states from January 2018 and from April 1, 2018 across the country. In addition, the Council decided to keep the implementation of TDS and TCS system till March 31, 2018.

GST Council has decided not to apply the CGST law section of the buyer's liability for non-registered dealers to pay taxes on the purchase of taxable items or services, as per the reverse charge mechanism till March 31, 2018. Those traders whose services are less than 20 lakhs but they do business in other states, they do not have to register in GST.

Ministerial Committee will decide the tax rate for the restaurants

The GST Council decided to constitute a ministerial committee to fix the GST rate on the meal in the restaurant. The group will also see that the restaurants which reduce GST's input tax credits by charging their tax credits or not. It will be seen whether it is necessary to reduce the GST rate or not to reduce the charge. Now customers are not getting the benefit of input credit on restaurant services. The Minister will also give a recommendation on whether the merchants of the composition scheme should be given exemption of interstate trade.

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