New Delhi, Oct 6: The Goods and Services Tax (GST) Council, chaired by the Finance Minister, met here and discussed the concerns of small traders in its 22nd meeting.
After the meeting, Jailtey addressed a press conference in which he announced e-wallet for exporters April 1 2018 and the limit for turnover in compensation scheme increased from Rs.75 lakh to Rs. 1 crore and informed people about other key decisions.
In a latest development Traders now have to pay 1 %, manufacturers 2% & restaurants 5% under new composition scheme.
Those who have with turnover of up to Rs 1.5 crore will have to file quarterly returns instead of monthly filings. While entrepreneurs having turnover above Rs 1.5 crore, the existing system will continue of three returns per month and so on.
The council reviewed rates of 26 items, said Jaitely.
Some of stationery items, diesel engine parts reduced to 18% from 28%, Tax on unbranded ayurvedic medicines to reduced from 12% to 5%.
While GST on food articles such as sliced dry mangoes, khakra and chapati have been brought down from 12% to 5%.
For textile industry, the Man made yarn which was taxed 18%, has been down under 12% slab.
The Group of Ministers (GoM), which is headed by Sushil Kumar Modi, will re-look at 18% GST charge on AC restaurants with turnover more than Rs 1 crore, Finance Minister asserted.
Besides Modi, other GoM members includes Chhattisgarh Minister for Commercial Taxes Amar Agarwal, Karnataka Agriculture Minister Krishna Byre Gowda, Kerala Finance Minister T.M. Thomas Isaac and Telangana Finance Minister Etela Rajender.