GST Council; The 28th meeting was in favor of traders, transporters; find out how
It needs to be noted that, since the time GST has come into effect traders have been feeling heat of this regime and they have also complained about saying it has impacted their previous business operation which has made it difficult to record profits in their bookings.
The 28th meeting of the GST Council was held today in New Delhi, under which once again the 21-member committee has brought in revision to a list of items under Goods and Services Tax (GST) regime. The meeting was chaired by Union Minister of Railways, Coal, Finance and Corporate Affairs Piyush Goyal. While a list of items were getting relief from higher tax slab from GST rate of 28%, Goyal also brought in good news for traders. It needs to be noted that, since the time GST has come into effect traders have been feeling heat of this regime and they have also complained about saying it has impacted their previous business operation which has made it difficult to record profits in their bookings.
Goyal said, “Besides revenue collection, the GST council will now focus on job creation as well. The decisions taken today will be applicable from July 27,” reported by ANI.
Bringing in major relief, Goyal stated that, traders with turnover Rs 5 crore will deposit GST on monthly basis but will not have to file the quarterly returns anymore.
Further, Goyal also brought in exemption limit for traders residing regions of Assam, Arunachal Pradesh, Himachal Pradesh, Himalaya and Sikkim. The exemption limit has now been increased to Rs 20 lakh from Rs 10 lakh.
Also, reverse charge mechanism has been stalled up till September 30, 2019.
Goyal further said reporters, “Simplification is our priority. Soon we will link RFID tags with Goods and Services Tax Network (GSTN) for transporters. This will reduce harassment of transporters.”
Goyal assured that there will be minimal impact on revenue collection over the decisions taken today. However, he even stated that, 100 will be impacted by today’s decisions. Moreover, Goyal added that, today’s revenue forgone is good for our consumers & MSME participants, tweeted by ANI.
Reportedly Goyal added, “Return forms will be simplified into formats, it will be different for the composite dealers and for B2B or B2C dealers. It will be simplified into two formats— Sugaam and Sahaj.”
A special GST council meeting will be held on August 4 once again in Delhi, which will be focussing on MSME sector.