Published On: Fri, Oct 6th, 2017

Small, Medium Businesses To File GST Return Quaterly

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The GST Council made some sweeping changes offering good relief to small and medium businesses and easing rules for exporters.

The meet on Friday resulted with allowing businesses with annual turnover of up to Rs 1.5 crore to file quarterly income returns instead of monthly as been the rule until now.

Finance Minister Arun Jaitley said the GST Council has decided to cut tax rates on 27 common use items like unbranded ayurvedic medicine, unbranded namkeen, khakra and sliced dried mango. The new GST rate on such products is just 5 percent. Earlier the rates were either 12 percent or 18 percent.

Small, Medium Businesses To File GST Return Quaterly

The government has also reduced the GST rate on stones used for flooring, stationary items, diesel engine parts and pump parts from 28 percent to 18 percent.

Similarly the GST on e-waste has been reduced from 28 percent to 5 percent.

Jaitley also announced the exporters will get tax refund for the paid tax between the period of July and August as the growth rate was sluggish due to global slowdown. The refunds will be made by October 18.

The announcement continued that for the remaining fiscal the exporters will operate under an exempted category and to pay just 0.1 percent GST.

GST was launched earlier this year in July and India a single market, for the first time of course and clubbing 29 states together for free movement of goods and services.

About the Author

- Paul Linus is an eminent online journalist who has been writing news, features and editorials on different websites from across the world for about a decade.

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