Prime Minister Narendra Modi government, under fire, eases burden on small companies

07 October, 2017, 00:38 | Author: Randy Kelley
  • GST likely for Netflix and iflix soon

Exporters are likely to get some relief after the all powerful Goods and Services Tax (GST) Council meet on Friday which has been called after widespread criticism and complaints from businessmen about implementing the massive tax reform.

The report also suggested a possible GST rate cut in the luxury goods category which now is in the 28 per cent tax bracket.

'The drill to file returns every month is exhausting, ' he said. It also lowered GST rates for 27 items.

GST Rates for as many as 60 items could be brought down at today's meeting of the GST Council.

Meanwhile, Bihar Deputy Chief Minister Sushil Modi has appealed to the council to consider removing some of the difficulties being faced by the small tax payer.

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On this occasion, Bengal CM Mamata Banerjee congratulated Akhilesh Yadav for being nominated the president of Samajwadi Party. Shivpal and this infighting adversely affected the party in the Assembly polls earlier this year.

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News of the proposed amendments to the Goods and Services Tax (GST) to include digital tax have set off alarm amongst Malaysians as they are perplexed as to how the taxes will affect their expenses.

Those who have Rs. 1.5 crore turnover and that will cover about 90 per cent SSCs and are outside the composition scheme, they will file quarterly returns instead of monthly returns. Good and Simple Tax (GST) becomes even simpler. "The Council has also decided that each exporter will get an e-wallet in which a nominal sum will be deposited for tax credit purposes, which will be offset against the credit refund when it happens". At present, the sector is burdened with astronomical debt of almost Rs 8 lakh crore by some estimates due to a slew of freebies which are being doled out by incumbent telecom players to retain their customer base.

Prime Minister Narendra Modi had said on Wednesday the government was committed to removing the glitches and bottlenecks of the GSTregime. Moreover, tax rate on unbranded namkeen, unbranded ayurvedic medicine, e-waste, paper waste, rubber waste, plastic waste was reduced to 5 per cent.

Taking stock of the exporters' working capital that was getting blocked under GST affecting their cash liquidity, the Council has chose to disburse their refunds through cheques for July and August from October 10 and October 18 onwards respectively. "Since the formation of GoM, a lot of issues have been resolved, still some issues remain for which Infosys has been given a timeline to resolve", he said. These collections will not be the complete picture as these two months were early transitional phase.

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