GST council has released the revised new GST rates for these

In its second meeting held here on Wednesday the Group of Ministers asked the GST-Network to brace for the rush of last-minute filers. Representational Image

The scheme allows small businesses, including eateries, to pay 1-5 per cent tax without having to deal with the three-stage filing process. He suggested that tax-payers with a turn-over of upto 1 crore 50 lakh rupees may be permitted to file return tri-monthly.

"The changes and initiatives announced by the Government following the GST Council meeting will address the problems of the exporters, particularly those in micro and small segments", Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta said in a statement.

Finance Minister Arun Jaitley said that After receiving GST return for July and August, the Committee have come to know of the experiences and transitions faced by traders of various kinds.

E-way bill provisions deferred till April 2018.

Online entertainment streaming services such as Netflix and iflix are expected to be taxed under the proposed amendments to the Goods and Services Tax (GST) Act which will include the digital economy, says the Customs Department.

"Traders will pay 1 percent, manufacturers 2 percent and restaurants 5 percent under composition scheme", the FM said.

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The composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs. 1 crore and pays a flat rate of tax regardless of what they manufacture, provide as a service or trade they carry on.

Based on feedback received from business entities other structural changes in the new national tax regime are also expected to be considered.

On cloth tax rate reduced to 5% from 12%.

The scheme can not be opted by supplier of services other than restaurant related services; manufacturer of ice cream, pan masala, or tobacco; casual taxable person or a non- resident taxable person; and businesses which supply goods through an e-commerce operator. It also lowered GST rates for 27 items.

The registered buyers from such small taxpayers would be eligible to avail input tax credit on a monthly basis. Further, for exporters reeling under tight liquidity conditions due to tax refund claims aggregating to Rs 65,000 crore stuck with the government, the GST Council may take immediate steps to speed up the refunds or relax the working capital requirements, in addition to introducing e-wallet facility as well. GST Council may also approve suspension of reverse charge till March 31.

The finance minister added that the pattern of collection [of the GST] is not clear after two months, because it was a period of transition.

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