NEW DELHI: The GST Council, chaired by Union Finance Minister Arun Jaitley, met in New Delhi today.Finance minister Arun Jaitley said GST rates on 27 items have been reduced.
The focus being, relief for small, medium traders and exporters. Many states have backed demands to relax rules that require businesses to file three returns every month.GST rate on some stationery items, diesel engine parts reduced to 18% from 28%, says finance minister.
GST on unbranded ayurvedic medicines to reduced from 12% to 5%. Tax on food items like sliced dry mangoes, khakra and chapati have been brought down from 12% to 5%.
18% GST charge on AC restaurants with turnover more than Rs 1 crore. 90% of the assesses who have turnover less than Rs 1.5 Cr turnover to file quarterly returns. The limit for turnover in compensation scheme raised from Rs 75 lakh to Rs 1 crore.
For July exports, refund cheques will be processed by October 10 and for August exports, refund cheques will be processed by October 18.There will be an e-wallet for each exporter and notional amount as advance refund will be given; will be initiated on 1 April 2018.
Any person buying jewellery above Rs 50,000 will not be required to submit PAN or Aadhar Card details, reports ANI news.
Any entity dealing in gems/ jewellery/ other high-value goods & has a turnover of Rs 2 Crore or more in a FY will not be covered under Prevention of money laundering act (PMLA).Threshold for composition scheme in GST hiked from Rs 75 lakh to Rs 1 crore.
In a bid to moderate inflation, the government on Tuesday cut the excise duty on petrol and diesel by Rs 2 a litre each.
