Latest Important point for small business regarding GST

Latest Important point for small business regarding GST
GST rate reduce for 27 things, Small Medium enterprise can now file quarterly rerun.. Small medium enterprise can now file quarterly return and get some relief from the government.. Some changes brought down for small medium enterprise on filling return and payment of taxes. Also give some relief to exporters and reduce tax rates more than 20 times.
Any business with an annual turnover up to rs 1.5crore have been allowed to file quarterly basis instead off monthly basis.. Also also the turnover limit for businesses to avail the composition scheme raised to rs 1crore from 75lacs .Rules burden of SME tax payers in gst is reduced.
Also GST rate cut on 27 commonly use items :
Unbranded Namkeen
Ayurveda Medicine
Dry Mango and khakhra cut to 5%from 12%..
Man made yarn using in the texttile sector cut to 12%from 18%.
Stationary items, stones used for flooring, diesle engine parts reduces to 18% from 28%.
Also e-waste also cut directly 5%from 28%.
For development scheme 5%instead of 12% food packaging given to school also reduce 5 %from 12%..Other work like zari, food items ,printing also get same relief.
Most important for exporters who will get refund for tax paid by exporters on exports during July and Aug.
Our finance minister Arun jetly said big taxpayers who sharing 94%to 95% of the total taxes continue to file monthly returns and pay tax monthly basis ..
In Composition scheme government increase scale.. Their turnover is less than rs. 1cr as previous limit of rs. 75lacs
Service providers can’t opt for the composition scheme.. The scheme cannot be opted for by supplier of service other than restaurant related service, Manufacturer of ice cream, pan masala or tobacco. The most important thing NO INPUT TAX CREDIT CAN BE CLAIMED BY THOSE OPTING FOR THE COMPOSITION SCHEME

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