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Oct 08, 2017 09:28 AM IST IST | Source: Moneycontrol.com

GST Council updates: Some items get cheaper; big relief for exporters, small businesses

Live updates as the GST Council sits down to debate changes to the tax reform.

  • Oct 06, 10:35 PM (IST)

    For the full list of revised rates on 27 goods and 12 services, click here.

  • Oct 06, 07:35 PM (IST)

    SUMMARY 

    * Exporters to get IGST relief for 6 months

    * SMEs with annual turnover of Rs 1.5 crore will be allowed to file quarterly returns

    * E-wallet gateway will be developed and introduced after six months

    * Group of Ministers to decide on bringing down the rate for AC restaurants to 12 percent

    * Reverse charge mechanism suspended till March 2018

  • Oct 06, 10:42 PM (IST)

    The Prime Minister has just tweeted about the changes to the GST regime. Here’s a summary:

    Good and Simple Tax (GST) becomes even simpler. Today’s recommendations will immensely help small and medium business.

    I congratulate FM Arun Jaitley & his team for engaging with various stakeholders for extensive feedback which led to today's recommendations

    Composition scheme has been made more attractive & other facilitation measures will make the GST even more people-friendly & effective.

    GST is in line with our constant endeavour to ensure interests of our citizens are safeguarded & India’s economy grows.

  • Oct 06, 09:39 PM (IST)

    For the full story on the decisions taken by the GST Council at today's meeting, click here.

  • Oct 06, 09:15 PM (IST)

    The GST Council will next meet on November 9 and 10 in Guwahati.

  • Oct 06, 09:06 PM (IST)

     In all, rates have been revised for 26 items including sliced mango (12 to 5%), khakra chapati (12% to 5%), ICDS food packages (5% from 18%), unbranded namkeen (5%), unbranded ayurvedic medicine (12 to 5%), plastic waste (18 to 5%), rubber waste (18 to 5%), paper waste (5 from 12%), man-made yarn (12%).

  • Oct 06, 08:46 PM (IST)

    That's a wrap from the press conference. The big takeaway is relief for small businesses and exporters. 

  • Oct 06, 08:43 PM (IST)

    Jaitley says that petroleum products remain outside the ambit of GST.

  • Oct 06, 08:37 PM (IST)

    Revenue secretary Hasmukh Adhia says that 90 percent of the taxpayers will file quarterly returns and pay tax every three months as well.

  • Oct 06, 08:34 PM (IST)

    Jaitley says the GST rate on many job work items has been reduced to  5 percent from 12 percent.

  • Oct 06, 08:32 PM (IST)

    Jaitley is now reading out the list of items on which GST rates have been reduced. Among them, the rate on unbranded ayurvedic medicines has been reduced to 5% from 12%.

  • Oct 06, 08:29 PM (IST)

    A group of ministers has been set up to decide on turnover calculation mechanism and its report is due in two weeks.

  • Oct 06, 08:27 PM (IST)

    The reverse charge mechanism has been suspended till March 2018.

  • Oct 06, 08:24 PM (IST)

    Businesses with turnover above Rs 1.5 crore to continue filing monthly returns.

  • Oct 06, 08:22 PM (IST)

    The composition scheme net has been widened to taxpayers with turnover up to Rs 1 crore from the earlier limit of Rs 75 lakh.

  • Oct 06, 08:21 PM (IST)

    He adds that 2% tax will be applicable on manufacturing companies under composition scheme while 5% tax will be applicable on restaurants under the same scheme. 

  • Oct 06, 08:19 PM (IST)

    Jaitley says that 1% tax will be applicable on traders under the composition scheme.

  • Oct 06, 08:18 PM (IST)

    The Council studied representations that compliance burden on small taxpayers was heavy, says Jaitley.

  • Oct 06, 08:13 PM (IST)

    The government will deposit a notional amount as advance refund in the e-wallets for exporters.

  • Oct 06, 08:12 PM (IST)

    For July exports, refund cheques will be processed by October 10 and for August exports, refund cheques will be processed by October 18.

  • Oct 06, 08:09 PM (IST)

    Jaitley is now talking about the introduction of an e-wallet, which he says should become a reality by April 1 next year. 

  • Oct 06, 08:08 PM (IST)

    Electronic refund mechanism for exporters will take some time, says Jaitley.

  • Oct 06, 08:06 PM (IST)

    Not possible to comment on pattern of GST collection as it is a transition phase, says the Finance Minister.

  • Oct 06, 08:04 PM (IST)

    He says SMEs and exports were two key issues.

  • Oct 06, 08:03 PM (IST)

    Jaitley says the Council took stock of the implementation of GST in the three months since it has been introduced.

  • Oct 06, 08:01 PM (IST)

    The press conference has now begun.

  • Oct 06, 07:57 PM (IST)

    Drabu says the Council has very consciously avoided giving exemptions under GST. 

  • Oct 06, 07:49 PM (IST)

    Haseeb Drabu J&K FM says reducing tax on AC restaurants to 12 percent with no ITC has been discussed.

  • Oct 06, 07:43 PM (IST)

    Jammu and Kashmir Finance Minister Haseeb Drabusays there is a possibility that the GST Council may look at other modalities instead of e-wallet.

  • Oct 06, 07:41 PM (IST)

    We're now hearing that the GST Council meeting has ended and Finance Minister Arun Jaitley may speak shortly.

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