RATE CUTS IN GST FOR SMALL BUSINESS AND EXPORTERS : GST BILLING SOFTWARE

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Here is the highlights of the latest announcement on cut rates for products in gst for small business and exporters.As on Friday meeting there are special announcement for GST to make it valuable for small business and exporters.Now the main purpose is to keep away the burden that have a major impact on Small Scale Business and Exporters.Government wants to reduce the burden on major taxpayers that have a major part in revenue.


 HERE ARE THE HIGHLIGHTS FOR THE LATEST ANNOUNCEMENT:
  1. Now those who have turnover 1.5 crore to file returns every quarter.
  2. Also those big business file monthly returns will not be denied their small scale vendors about their return file.
  3. Allowed traders,manufacturers,retailers and restaurant business having turnover upto 1 crore not 75 lakhs and they call fill return quarterly basis.
  4. Now it means the large players have to pay tax while others have to pay nil or small amount of tax.
  5. The tax rate for traders in the scheme is only 1% while this is 2% for manufacturers and 5% for supply of foods and drinks(no alcohol).
  6. For all big firms have to pay monthly returns on a regular basis like it before.
  7. Products like unbranded NAMKEEN,unbranded AYURVEDIC MEDICINES,SLICED DRIED MANGO and KHAKRA now cut to 5% directly not have to pay 12 % like it before.
  8. GST on E-waste is directly goes on 5% from 28% now pay only 5% tax.
  9. ENGINE parts ,PUMP parts have to pay 18% only before it is 28%.
  10. All foods packets given under child development scheme has become 5% before it is 12%.
  11. Some job works like zari, imitation,food items and printing items now have to pay 5% instead of 12 % tax.
  12. Government contracts with labour now have 5% tax only instead of 12%.
  13. Service provider have less than 20 lakhs annual turnover now excluded from IGST tax also.
These are the major changes in GST tax scheme for now. See our latest blog posts for GST regsitration and RETURN FILLING FOR GST here below For GST BILLING SOFTWARE call us:



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