LIVE GST Certification Course by CA Arun Chhajer begins 21st April. Register Now!!

limit increase to 1 crore

Ashwin Kumar (1229 Points)

06 October 2017

is it true that the compensation scheme limit has been increased to 1 crore under gst ???

Reply
Follow
Share

2 Replies

RAJA P M ("Do the Right Thing...!!!") (126993 Points)
Replied 06 October 2017

* GST rate on 27 items reduced.

* GST on unbranded Ayurvedic medicines has been reduced from 12% to 5%.

* Tax rate for man-made yarn has been reduced to 12% from 18%. The decision will have an effect on textiles.

* The council will try to implement the e-way bill by April 1, 2018.

* Traders will pay 1%, manufacturers 2% and restaurants 5% under the composition scheme.

* Refund cheques for July exports will be processed by Oct 10 and refund cheques for August exports will be processed by Oct 18.

* Those who have up to Rs 1.5 crore turnover will file quarterly returns, not monthly returns.

* Compliance burden of medium and small taxpayers in GST being cut; eligibility of composition scheme raised to Rs 1 crore.

* E-wallet for each exporter to be made and notional amount as advance refund will be given. It will be initiated on 1 April 2018.