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| GST Weekly Bulletin, Volume II, Issue XXIII |
The GST Council on Sunday reduced the rates for 66 items and expanded the scope of the composition scheme for the benefit of small traders, manufacturers, and restaurateurs. The composition scheme is a presumptive taxation scheme allowing small traders, manufacturers and restaurants to pay a 1-5 per cent GST rate on sales without tax credits. |
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| Author : BSA Taxation Team |
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| Date : June 12, 2017 |
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| GST Weekly Bulletin, Volume II, Issue XXII |
| Confederation of Indian Textile Industry (CITI) has welcomed the GST rates for all natural fibres including cotton, cotton yarn, fabrics and readymade garments valued below Rs.1000 at 5%. |
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| Author : BSA Taxation Team |
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| Date : June 5, 2017 |
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| GST Weekly Bulletin, Volume II, Issue XXI |
Assocham said that Implementing GST from July 1 will be a challenge for the industry and the government should consider relaxing penal provisions for a couple of quarters to help it comply with the new tax regime. |
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| Author : BSA Taxation Team |
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| Date : May 29, 2017 |
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| GST Weekly Bulletin, Volume II, Issue XX |
The GST Council has fixed the tax framework under GST which is to be rolled out from July 1. Tax rates have been finalized for items with a majority of items being kept under the 18% slab. Nil rate (0%) of tax will be imposed on items like fresh meat, fish chicken, eggs, milk, butter milk, curd, fresh fruits and vegetables, flour, bread, judicial papers, printed books, newspapers, bangles etc. |
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| Author : BSA Taxation Team |
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| Date : May 22, 2017 |
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| GST Weekly Bulletin, Volume II, Issue XIX |
Arun Jaitley, Finance Minister, has said that the invoice matching mechanism in the GST will help curb fake bill frauds. He further said that in the proposed GST design, the registered person is required to file only his initial return on 10th of the next month (return for outward supplies) while other returns on invoice matching and availing of ITC credit are auto-populated, which would be communicated between the supplier and the recipient through the common portal GSTN. |
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| Author : BSA Taxation Team |
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| Date : May 15, 2017 |
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