The GST council said as the exporters' credit is blocked due to which liquidity is impacted, although the data is available electronically and this refund process of electronic will take time through the cross empowerment.
Different qualities of yarn whose duty has been reduced from 18% to 12% are: Synthetic filament yarns such as nylon, polyester and acrylic, all artificial filament yarn such as viscose rayon, Cuprammonium, Sewing thread of manmade staple fibres, yarn of manmade staple fibres and sewing thread of manmade filaments.
Finance Minister Arun Jaitley is now chairing the meeting of the council. However, post GST, IGST blocked their working capital. The GST on cab lease services may get cheaper to 18 per cent from 28 per cent.
SERVICES: Hotel services such as AC hotels serving liquor, Room tariffs between Rs 2,500 and Rs 7,500, Restaurants inside five-star hotels will attract 12 per cent tax under GST slab.
Those who have Rs. 1.5 crore turnover and that will cover about 90 per cent SSCs and are outside the composition scheme, they will file quarterly returns instead of monthly returns. He suggested that tax-payers with a turn-over of upto 1 crore 50 lakh rupees may be permitted to file return tri-monthly.
The officials further clarified, "The GST ranging from 5% to 12% is leviable on branded and packed food items, vegetables and fruits, while no GST is chargeable on unbranded and unpacked food items".
Under this, registered taxpayers had to pay tax on purchasing goods from non-registered suppliers.
- Many stones used in flooring, except marble and granite - will be now taxed at 18% instead of 28%. PM further added that 19 lakh new taxpayers came into the tax net after GST implementation and at least 1 lakh youth have been received training in the nuances of the indirect tax regime.
The government is also planning to initiate the refund for exporters immediately after filing the returns.
- Services - zari job work - down from 12% to 5%. A technology company will be hired to launch an e-wallet scheme by April 2018 with notional tax credits that exporters can use to procure goods without actually incurring a tax burden. Asserting that genuine corporates will not face action, the minister of state for corporate affairs said non-compliant companies are tarnishing the image of good ones.
The finance minister added that the pattern of collection [of the GST] is not clear after two months, because it was a period of transition.