Search Here

Monday, 6 November 2017

GST jald hee apane prakshepan ke baad se sabase vyaapak badalaav ke lie ho sakata hai.

The GST Council has set up a new advisory group that includes industry representatives to look into such changes. Experts said these may apply to input credit apart from place of supply and valuation provisions. 

The group will give its report to the law committee of the council by November 30. This will be reviewed by the committee and forwarded to the council for speedy action.
'A group has been set up to give feedback about the issues faced by industry with regard to laws, rules and procedures,'.

This is in addition to changes proposed to the composition scheme to bring relief to small businesses and traders that could be taken up by the GST Council at its upcoming meeting on November 10 in Guwahati. The council could also reduce the rate of tax on some goods from 28% to 18% at this meeting. 

Traders and small businesses have complained about provisions in GST, which was rolled out on July 1, replacing multiple state and central taxes and cesses. 

The latest panel will have former revenue service officer Gautam Ray as co-convener and include representatives of small busin

esses and retail. The group will specifically look at the central, state and integrated GST laws and problems faced by stakeholders due to their provisions. 

PM Modi had indicated on Saturday that the government could take up more measures to ease problems faced by small businesses. 

The GST Council had at its last meeting raised the turnover threshold for the composition scheme to Rs 1crore from Rs 75 lakh. It also set up a group of ministers under Assam finance minister Himanta Biswa Sarma to look at other issues related to taxation under the composition scheme and GST for restaurants. 

No comments: