GST Council may finalise e-way rules today

GST Council may finalize e-way rules today

GST arrangement requires products more than Rs 50,000 to be pre-enrolled online before it can be moved

The Council, headed by Finance Minister Arun Jaitley, will likewise audit at its meeting the usage of the GST administration since July 1 and may settle an instrument to operationalise hostile to profiteering arrangement to secure shopper intrigue.

Development of products between states has smoothened with 25 out of 29 states nullifying check posts.

This would additionally smoothen after e-path charge in GST that requires any merchandise more than Rs 50,000 in incentive to be pre-enlisted online before it can be moved is executed.

 

Around 25 states have expelled those check posts. Up until this point, it has been going well.

 

Authorities said rules for the e-way bill will be chosen tomorrow. This GST arrangement requires any merchandise more than Rs 50,000 in incentive to be pre-enlisted online before it can be moved.

GST Network (GSTN)

According to the draft arrangement, GST Network (GSTN) would produce e-way charges that will be legitimate for 1-20 days, contingent upon separation to be voyage – one day for 100 km, 3 days (100 to under 300 km), 5 days (300-under 500 km) and 10 days (500-under 1,000 km).

It would be required for producers to pass on advantages of the decrease in charges present GST on buyers.

Currently, services by way of job work in relation to textile yarns — other than man-made fiber/filament — and textile fabrics attract 5 per cent GST. Other job works in relation to garments attract an 18 per cent levy.

Goverment is  going to finalize the entire mechanism as far as anti-profiteering is concerned.

 

The Council may look at streamlining it and bring all job works, including for making garments from fabric, under the 5 per cent slab. Apart from reviewing the rollout of the GST regime, the 19th meeting of the Council may on Saturday take a look at streamlining the anomalies raised by the industry over the past one month, said an official, who did not want to be named.

 

It will be the first full-fledged meeting of the GST Council, also comprising representatives of all the 29 states, after the rollout of the new indirect tax reform on July 1.

 

The Council had on July 17 discussed, via video conferencing, hiking cess on cigarettes as there was some anomaly in the rate fixed earlier.

 

After the July 1 rollout, the textile sector had protested, demanding a rollback of 5 per cent GST on fabrics.

 

Jaitley, however, had ruled out cutting tax rates for the textiles sector, saying a zero per cent GST on fabrics will break the input tax credit chain for the domestic industry and make imported items cheaper.

 

According to the rates decided by the Council, in the textiles category, silk and jute fiber have been exempted, while cotton and natural fiber and all kinds of yarns will be levied a 5 per cent GST. Man-made fiber and yarn will, however, attract an 18 per cent tax rate.

 

All categories of fabric attract a 5 per cent rate. Man- made apparel up to Rs 1,000 will attract a 5 per cent tax and those above Rs 1,000 will attract 12 per cent.
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Certicom Consulting [ Kedia Arpana & Co ] is a group of Chartered Accountants in the business of Small Business Setup & Statutory Compliance including for Professionals for the past 15 years. We have been an established and popular company with an excellent track record for the best customer satisfaction.

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Certicom Consulting

Certicom Consulting [ Kedia Arpana & Co ] is a group of Chartered Accountants in the business of Small Business Setup & Statutory Compliance including for Professionals for the past 15 years. We have been an established and popular company with an excellent track record for the best customer satisfaction.

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