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Government announces GST sops (Lead)
New Delhi, Oct 6 (IANS) Facing severe criticism over the implementation of Goods and Services Tax, the government on Friday night announced a slew of measures to ease the concerns of traders, exporters and small business while slashing the rates on 27 items of common consumption, including roti, khakra, namkeens, stationery, man-made yarn — with most of them brought to five per cent category.
Of daily use items, GST on zari work, unbranded ayurveda medicine, dried mango, e-waste, plastic and rubber waste has been reduced to five per cent. Tax on stationery items, diesel engine parts, pump parts, flooring stones other than marble and granite has been reduced to 18 per cent.
GST has been abolished on import of a number of goods, including rigs for oil and gas exploration and medicines supplied free by international agencies and bonafide gifts up to Rs 5,000.
Finance Minister Arun Jaitley made the announcements after a day-long 22nd meeting of the GST Council that took note of the difficulties faced by various businesses, a development that came two days after Prime Minister Narendra Modi promised to remove the shortcoming in the new indirect tax regime and to ease woes of traders.
In a relief to exporters, the Minister said returns for the month of July and August would be refunded through cheques from October 10 and October 18 respectively.
The Minister said it would be an interim relief and as a long term measure e-wallets will be created for all exporters by April 1, 2018 to carry forward the refund process.
He said the GST Council agreed to allow SMEs with turnover of up to Rs 1.5 crore file their quarterly returns instead of monthly — a relief that would benefit about 90 per cent of taxpayers in the country.
Cumbersome return filing process had created one of the major compliance issues in the new tax regime that required traders to file three returns a month.
The threshold for composition scheme in GST has been raised from Rs 75 lakh to Rs 1 crore for businesses to avail the scheme that allows them to pay 1-5 per cent tax without going through tedious formalities.
This threshold of turnover for special category states, except Jammu and Kashmir and Uttarakhand, has been increased to Rs 75 lakh from Rs 50 lakh.
Under the composition scheme, a taxpayer is required to file summarized returns on a quarterly basis, instead of three monthly returns.
Jaitley said traders, manufacturers and restaurants would now pay 1 per cent, 2 per cent and 5 per cent respectively under composition scheme. Service providers cannot however opt for the composition scheme.
The roll out of e-way bill, another issue that has been under consideration for a long time, has been deferred to March 31, 2018.
The government also revoked GST notification on gems and jewellery. A separate notification in this regard will be issued later. Bringing in some more reforms, the government said that any person buying jewellery worth above Rs 50,000 will not have to furnish PAN card and Aadhaar Card details.
Entities dealing in gems, jewellery and other high value goods and has an annual turnover of over Rs 2 crore will no longer be under the purview of the money laundering act.
Eating out is set to become cheaper with the GST Council agreeing to reduce the GST rate from the current 18 percent to 12 percent. Jaitley said a group of ministers would revisit the tax on AC restaurants.
He said first two months of GST returns had thrown up various issues that were taken up at the meeting.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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