Government says Now,for buying a jewelry upto 2 lakhs pan card is not necessary, 10 main Points

At the instraction of the Central Government, the GST Council meeting took place on Friday, a big decision has been taken by GST Council for all the business people. The government has also given relief to small businessmen as well. The Council has increased the limit while making changes in the compounding rules. The limit of compounding scheme has been increased from Rs 75 lakh to Rs 1 crore. Also traders are allowed to file quarterly returns.

Sarafa business man have also been given relief to the traders. Now it will not be necessary to pan number on shopping of up to 2 lakh rupees, it was mandatory to pay PAN on purchases of more than Rs. 50 thousand.

At the same time traders with turnover of up to 1.5 crore rupees were allowed to file quarterly returns. There was a provision of filing returns every month.

1. Union Finance Minister Arun Jaitley is expected to announce today’s decisions in a short while from now. Mr Jaitley heads the GST council, which has as members state finance ministers and officials from both states and the Centre. 
2. Andhra Pradesh Finance Minister Y Ramakrishnudu told reporters that there was consensus at the meeting on raising the threshold for the composition scheme – which allows small traders to pay a standard tax rate – from Rs. 75 lakh in turnover to Rs. 1 crore. 
3. The council is also expected to consider demands that the reverse charge mechanism be suspended. This rule – which shifts the liability to pay the tax on the buyer rather than the seller – kicks in if a supplier is not registered under Goods and Services Tax to check tax evasion.
4. The GST rates for textiles and some other items may be revised by the council. It is also likely to recommend relaxation for exporters so that their working capital locked up in refunds is released. It is also expected to allow electronic payment of taxes.
5. Today’s review comes two days after Prime Minister Narendra Modi promised that GST glitches would be fixed. He held a meeting yesterday with Finance Minister Arun Jaitley and BJP chief Amit Shah.
6. As he made a strong defence of the government’s economic policies on Wednesday, PM Modi also promised to fix problems in GST cited by businesses. “We have seen closely what is working and what is not… We are not orthodox and conservative. We also don’t know everything. But if something needs to be done, we shall do it,” he has said.
7. Earlier this week central bank RBI cautioned that “teething problems” with GST had impacted the manufacturing sector. The RBI governor has suggested simplifying GST to boost growth.
8. At a meeting last week with Finance Minister Arun Jaitley, industry bodies and exporters had asked for quicker refund of duties, deferment of filing of GST returns for six months.
9. The course correction comes against the backdrop of stinging attacks on the government for what the opposition alleges was a hurried and sloppy implementation of the mega tax reform. Two former union ministers Yashwant Sinha and Arun Shourie criticised the government’s handling of the economy with Mr Sinha alleging that a “badly-conceived and poorly-implemented GST” was playing havoc with businesses.
10. Yesterday, the World Bank said that the recent slowdown in India’s economic growth is an “aberration” and mainly due to a temporary disruption caused by preparations for GST. It also stated that it will get corrected in the coming months.

Bihar Chief Minister Sushil Kumar Modi, who attended the Council meeting, tweeted the information and said that the PMLA Act has omitted the Sarafa business. Now traders with 1.5 million turnover can give returns in three months. Also, the system of reverse charge has been postponed till March 31.

Why the changes needed?

Steps have been taken to replace Value Added Tax (VAT) tax system through GST. But in the last three months, small businessmen in the country are facing bigger problems in going under this new tax system. Important decisions will be taken to overcome these difficulties in the GST Council meeting.

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