SME Times is powered by   
Search News
Just in:   • Majority of working professionals welcome cracker ban in Delhi-NCR: Survey  • UK PM travels to Brussels to reactivate Brexit negotiations  • US, Pakistan, China hold talks in Muscat on Afghanistan  • Sensex, Nifty close at record highs  • Pradhan to visit Japan for LNG meet, ink cooperation on gas 
Last updated: 24 Jul, 2017  

gst-THMB.jpg MSMEs can opt for relaxed GST till August 16

GST.9.jpg
   Top Stories
» Wholesale price inflation eases in Sep to 2.6 pc
» 'Govt never talk about announcing fiscal stimulus package'
» 'Centre working on mechanism to speed up GST refund for exporters'
» 'Positive exports growth in 26 out of 30 major product groups in Sep'
» Exports rise for 13th straight month, grow 26 pc in September
Saurabh Gupta | 24 Jul, 2017
The micro, small and medium entrepreneurs (MSMEs) can opt for relaxed Goods and Services Tax (GST) till August 16, the Finance ministry said in a press release on Saturday.

To address the concerns of micro, small and medium entrepreneurs (MSMEs), arising from transition to the GST regime, the Government has decided to extend the time limit for filing intimation for Composition Levy (filing of intimation FORM GST CMP-01) up to August 16, the Finance ministry said in a press release in New Delhi.

The Government is mindful of the concerns of tax payers, especially the small taxpayers, arising from transition to the GST regime from 1st of July, 2017.

With a view to ease the compliance burden of provisionally migrated small taxpayers opting to pay tax under the Composition scheme, it has been decided to extend the time limit for filing intimation for Composition levy (filing of intimation FORM GST CMP-01) up to 16th August, 2017.

Similarly, the taxpayers who were provisionally migrated by virtue of being registered under the existing laws, but who are no longer required to be registered under GST, the period of applying for cancellation of registration is being extended up to 30th September, 2017.

Earlier the deadline was till 21st of July.

According to governments data (Source: PIB), small taxpayers with an aggregate turnover in a financial year up to Rest. 50 lakhs shall be eligible for composition levy. Under the scheme, a taxpayer shall pay tax as a percentage of his turnover during the year without the benefit of ITC.

The rate of tax for CGST and SGST/UTGST each shall not exceed - 2.5 percent in case of restaurants etc; 1 percent of the turnover in a state/ UT in case of a manufacturer; 0.5 percent of the turnover in state/UT in case of other suppliers.

A taxpayer opting for composition levy shall not collect any tax from his customers nor shall he be entitled to claim any input tax credit.  

The composition scheme is optional. Taxpayers making inter-State supplies shall not be eligible for composition scheme.

The government, may, on the recommendation of GST Council, increase the threshold for the scheme to up to rupees one crore, data said.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

Composite Scheme
Mamtaa Gupta | Thu Jul 27 07:42:00 2017
Again the divide is being created.India is one country,What is the purpose of composite scheme if interstate sale is not allowed.This is detrimental to business and growth. Such rules will only further destroy the economy.Which is suffering big time.So many rules,so many restrictions.This is not a healthy business environment. The composite scheme person cannot buy from a gst registered person under normal scheme as he wont be able to enjoy input credit. It is extremely sad.We as in the government is destroying small business in India.All policies are pro big business houses.


Composite scheme curbs entrepreneurial growth
Uday Pasricha | Thu Jul 27 06:09:28 2017
If GST is one tax for one nation how can small and micro business refuse to sell outside state. 50 lacs in same state again assumes existing business. A new business struggles for years to reach 50 lacs. Tens of thousands of businesses can be started to grow into 50 lacs based on local sale within India and export. The government can create a category and can charge a 5% GST without any right to set off but freedom to sell or export ALL within an annual sales limit. Why not allow entrepreneur to try and start and grow without geographical limitations. Industry cannot provide jobs but few million entrepreneurs are waiting to start if shackled are lifted.


 
  Customs Exchange Rates
Currency Import Export
US Dollar
65.95
64.30
UK Pound
87.75
84.85
Euro
77.85
75.20
Japanese Yen 58.75 56.80
As on 17 Oct, 2017
  Daily Poll
Small traders even below the threshold limit too should register under GST system?
 Yes
 No
 Can't Say
  Commented Stories
» Starting an import export business: Basic guide for beginners(22)
» GST revamp: Relief to exporters, SMEs(14)
» Collateral free loans available for MSMEs: Minister(3)
» Can PM's advisory council revive growth?(2)
» Relief for MSMEs: MUDRA promotion drive to start from Sep 27(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter