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Quarterly returns to cheaper Khakra: Govt takes steps to address GST anger
07 Octubre 2017, 08:33 | Crisanna Felipe
Malaysia:GST likely for Netflix and iflix soon
# Recommendation on tax on AC restaurants within 2 weeks.
First proposed in 2006, it got the backing of most economists as being long overdue and was hailed as the biggest tax reform since independence.
"The GST is not needed at all, soon the government will realise", he added. For the GST tax rate of 12 per cent, it is split at 6 per cent Central GST (which goes to the Centre's kitty) and 6 per cent State GST (which goes to the state's kitty).
The tweet came hours after finance minister Arun Jaitley announced the changes at a press conference on Friday. This measure is expected to significantly reduce the compliance cost of small service providers. Primary among the decisions taken on friday, the all-powerful Council slashed tax rates under GST for a total of 27 items. But they haven't done enough'.
A India Ratings report mentioned on October 05, that transition to the GST regime would significantly affect companies with weak credit profiles because of a short-term liquidity mismatch due to delays in the availability of input tax credit (ITC).
The panel of state and Union finance ministers is expected to ease exporters' pain by allowing electronic payment of taxes through "virtual currency", while announcing a series of steps for small and medium enterprises as it seeks to smoothen the implementation of GST.
Under the scheme, a trader pays the GST at one per cent, a manufacturer at two per cent and a restaurant owner at 5 per cent, but they are not allowed input tax credit.
Journalism takes a lot of time, money and hard work to produce, despite all the hardships we still do it, because we believe our perspective matters - because it might well be your perspective, too.
# People with turnover of 1.5 crores or less, which cover 90 percent assesses, will file quarterly return instead of monthly returns.
Till then, exporters will have to pay nominal GST of 0.1 per cent for procuring goods from domestic suppliers for export. Subsequently, this will be adjusted against the refund payable, said sources.
"Infosys has already deployed their persons to each and every State, but we have asked for more technically qualified persons", he added.
Investment remains low. The government has hiked spending on infrastructure, but private investment has remained muted.
The gem and jewellery sector is the second-highest contributor to Indian commodity exports with a share of around 13 per cent, according to Gujarat government data.
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