{"id":34735,"date":"2018-10-31T13:06:08","date_gmt":"2018-10-31T07:36:08","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=34735"},"modified":"2018-10-31T13:06:29","modified_gmt":"2018-10-31T07:36:29","slug":"st-council-gives-relief-to-exporters-small-businesses","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/st-council-gives-relief-to-exporters-small-businesses\/","title":{"rendered":"GST Council gives relief to exporters, small businesses"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/todays-paper\/gst-council-gives-relief-to-exporters-small-businesses\/article19815877.ece\"><span style=\"font-weight: 400;\">GST Council gives relief to exporters, small businesses<\/span><\/a><\/p>\n<p><b>Context<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Recently \u00a0the GST Council announced a slew of decisions to reduce compliance burden for exporters and small businesses.<\/span><\/p>\n<p><b>GST Council<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">The GST bill set up a GST Council. <\/span><\/li>\n<li><span style=\"font-weight: 400;\">The GST Council aims to develop a harmonized national market of goods and services<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><strong>According the GST Bill, the President must constitute a GST Council within sixty days of this Act coming into force. The composition of the GST Council includes<\/strong>:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">The Union Finance Minister (as Chairman),<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The Union Minister of State in charge of Revenue or Finance, and<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">The Minister in charge of Finance or Taxation or any other Minister, nominated by each state government.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The decisions of the GST Council will be made by three-fourth majority of the votes cast. The centre shall have one-third of the votes cast, and the states together shall have two-third of the votes cast.<\/span><\/li>\n<\/ul>\n<p><strong>The GST Council will make recommendations on:<\/strong><\/p>\n<ul>\n<li>taxes, cesses, and surcharges to be subsumed under the GST;<\/li>\n<li><span style=\"font-weight: 400;\">goods and services which may be subject to, or exempt from GST;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">the threshold limit of turnover for application of GST;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">rates of GST;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">model GST laws, principles of levy, apportionment of IGST and principles related to place of supply;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">special provisions with respect to the eight north eastern states, Himachal Pradesh, Jammu and Kashmir, and Uttarakhand; and<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">other related matters.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The GST Council may decide the system of resolving disputes arising out of its recommendations. The GST Council will also decide when the GST would be levied on petroleum crude, natural gas, high speed diesel, aviation turbine fuel and motor spirit (petrol).<\/span><\/li>\n<\/ul>\n<p><b>Problem faced by exporter<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> The credit blockage felt by exporter was causing a liquidity problem.<\/span><\/li>\n<\/ul>\n<p><b>Relief to exporter<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">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.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> A small GST levy of \u00a00.1% on export till March 31, 2018.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Exporter will get tax refund of july by october 10 of july and by october 18 for august.<\/span><\/li>\n<\/ul>\n<p><b>Relief for SME sectors<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Business with turnover of upto 1.5 crore allowed to file quarterly refund instead of monthly.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Compliance burden of medium and small taxpayer under GST being cut.<\/span><\/li>\n<\/ul>\n<p><b>The GST Council also reduced the tax rates on 27 items.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">These include sliced dried mangos, khakhra and plain chappatis, unbranded ayurvedic medicines, plastic, rubber and paper waste, yarn, diesel engine parts, pump parts, e-waste and several services.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>GST Council gives relief to exporters, small businesses Context Recently \u00a0the GST Council announced a slew of decisions to reduce compliance burden for exporters and small businesses. GST Council The GST bill set up a GST Council. The GST Council aims to develop a harmonized national market of goods and services According the GST Bill,&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/st-council-gives-relief-to-exporters-small-businesses\/\">Continue reading <span class=\"screen-reader-text\">GST Council gives relief to exporters, small businesses<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-34735","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704957721},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/34735","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=34735"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/34735\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=34735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=34735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=34735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}