Eating out is set to become cheaper with the GST council in-principle agreeing to reduce the GST rate from the current 18 percent to 12 percent. Finance Minister Arun Jaitley announces that a group of ministers will relook tax on AC restaurants. He also said on-composition scheme taxpayers with turnover up to Rs 1.5 crore can now file quarterly returns.
Jaitley said small businesses would be allowed to file tax returns once a quarter instead of monthly returns. The compliance burden of SMEs in GST has been cut while eligibility of composition scheme has raised to Rs 1 crore.
Oct 6, 2017 9:02 pm (IST)
Arun Jaitley has ended the press conference after taking questions. The big takeaway is that eating out is set to become cheaper and relief for small businesses and exporters.
Oct 6, 2017 8:50 pm (IST)
Arun Jaitley says that petroleum products remain outside the ambit of GST.
Oct 6, 2017 8:42 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 6, 2017 8:38 pm (IST)
Arun Jaitley clarifies that small businesses will also have to file monthly returns for three months – July, August and September – and the switchover to quarterly filing will happen from the cycle starting October 1.
Oct 6, 2017 8:34 pm (IST)
Finance Minister Arun Jaitley says GST rate on many job work items reduced from 12 percent to 5 percent. GST rate on some stationery items, diesel engine parts also reduced to 18percent from the earlier 28 percent.
Now coming to daily use items, Jaitley says that GST on khakra and unbranded namkeen has been reduced from 12 percent to 5 percent. Tax on zari work, unbranded ayurveda medicine has been reduced from 12 to 5 percent.
Oct 6, 2017 8:26 pm (IST)
Finance Minister Arun Jaitley says non-composition scheme taxpayers with turnover up to Rs 1.5 crore to file quarterly returns. Businesses with turnover above Rs 1.5 crore to continue filing monthly returns.
Oct 6, 2017 8:24 pm (IST)
Finance Minister Arun Jaitley announces that a group of ministers will relook tax on AC restaurants. Eating out is set to become cheaper with the GST council in-principle agreeing to reduce the GST rate from the current 18 percent to 12 percent. The GoM will submit its report in 14 days.
Oct 6, 2017 8:21 pm (IST)
Jaitley says that 2% tax will be applicable on manufacturing firms under composition scheme and 5% tax applicable on restaurants under composition scheme. Finance Minister Arun Jaitley says assessees under composition scheme to file returns on a quarterly basis.
Oct 6, 2017 8:20 pm (IST)
Finance Minister Arun Jaitley says 1% tax applicable on traders under composition scheme. The composition scheme net has been widened to taxpayers with turnover up to Rs 1 crore.
Arun Jaitley announces that composition scheme limit has been increased from Rs 75 lakh to Rs 1 crore.
Oct 6, 2017 8:11 pm (IST)
Tax refunds to exports will start from October 10, says Arun Jaitley. There will be a nominal 0.1 percent GST applicable on exports, the finance minister announces.
Oct 6, 2017 8:09 pm (IST)
Every exporter will now get an e-wallet. In the e-wallet, there would be a notional amount for credit. The refund they will eventually get will be offset from that amount. The e-wallet will be introduced from April next year.
Oct 6, 2017 8:07 pm (IST)
Jaitley says not possible to comment on pattern of GST collection as it's a transition phase. He says that concerns of small scale traders and exporters have been addressed after taking stock of last three months. Although there is no export on taxation, a committee was formed to review their issues, he says.
Oct 6, 2017 8:04 pm (IST)
Finance Minister Arun Jaitley said first two months of GST returns had thrown up various issues that were taken up at the 22nd meeting of the GST council. Small scale enterprises and exporters had made representations.
Oct 6, 2017 7:52 pm (IST)
We're now hearing that the GST Council meeting has ended and Finance Minister Arun Jaitley may speak shortly.
Oct 6, 2017 7:47 pm (IST)
Haseeb Drabu says not a lot of big-ticket rate revisions at this GST Council meeting. GST on work contracts for government has been reduced to 5% from 12%, says Drabu.
Oct 6, 2017 7:45 pm (IST)
Jammu and Kashmir finance minister Haseeb Drabu says the focus of the GST Council meet was on small traders and exporters, and on reducing compliance distress. He says that there's a possibility that the council may look at other modalities instead of e-wallets. Direct subsidies is one option on the table instead of e-wallets, he says.
Oct 6, 2017 7:35 pm (IST)
Bihar’s deputy chief minister Sushil Modi has confirmed that SMEs with annual turnover of up to Rs 1.5 crore will be allowed to file quarterly returns.
Oct 6, 2017 7:30 pm (IST)
What We Know So Far:
- GST Council to allow quarterly filing of returns for businesses with annual turnover up to Rs 1.5 crore.
- Relief for jewellers as no need to furnish PAN card on jewellery purchase of more than Rs 50,000.
- GST rate on handicrafts may be cut from 12% to 5%.
- GST Council decides to roll-out e-way billing from April.
- A few daily-use items to get cheaper. Some daily use items removed from 28 percent tax slab.
- In principle, GST Council has revised the rate of air-conditioned restaurants to 12 percent. A group of ministers has been formed to devise the mechanism. The GoM will submit its report in 10 days.
Oct 6, 2017 7:24 pm (IST)
The GST Council meet, which started at 10.30 am, is still underway. Finance Minister Arun Jaitley was expected to address the media at 7pm, but the meeting got extended. He is now expected to brief media after the meeting ends.
Goa minister Mauvin Godinho says several household items have seen a rate cut. Giving some details, he says that yarn, clips and pins have been brought down to the 5 percent slab after the rate revision.
Oct 6, 2017 7:16 pm (IST)
Kerala FM says GST Council ‘in principle’ agreed to bring down rate for AC restaurants to 12 percent from 18 percent currently. A group of ministers (GoM) will be formed to decide the mechanism.
Oct 6, 2017 7:14 pm (IST)
Kerala finance minister Thomas Isaaq says GST rate on a few items from the 28% bracket has been reduced. The items that have made the cut include gas stoves and a few other consumer articles. Isaaq also says that exporters will get IGST relief for 6 months, and the government will develop and introduce the e-wallet gateway after the 6-month period.
Oct 6, 2017 7:06 pm (IST)
Sources have told CNN-News18 that businesses with a turnover of up to Rs 1 crore will now have to file returns quarterly, and not monthly. Andhra Pradesh Finance Minister says many states requested for quarterly returns filing for small businesses. Small and medium businesses have been hit hard by the higher compliance burden owing to complex monthly return filing.
Oct 6, 2017 7:00 pm (IST)
GST meet helps markets go for a bull run
Domestic bourses saw their their first weekly rise in three weeks as the Sensex on Friday soared over 222 points to end at an over two-week high of 31,814.22 and the Nifty closed near 10,000-level on across-the-spectrum buying led by metal stocks ahead of the GST Council meet outcome. Expectations built up among investors on ground that today's GST Council meeting may provide some relief to exporters and small and medium enterprises in terms of faster refunds and compliance.