Small restaurants get reprieve under GST, govt assures no harassment

Restaurants with an annual turnover of less than Rs50 lakh will be able to avail the so-called composition scheme under the goods and services tax (GST) regime and pay a flat tax of 5% after the GST council decided to widen the ambit of this scheme to include services.

The composition scheme enables taxpayers with a revenue threshold of up to Rs50 lakh to pay a fixed tax rate and reduce the procedural requirements that have to be followed by businesses in GST.

It has been decided that restaurants with an annual turnover of less than Rs50 lakh can pay a tax at the rate of 5% (2.5% central GST and 2.5% state GST), said revenue secretary Hasmukh Adhia at a press conference after the GST council meeting in New Delhi.Bulk Sms Service provider

Adhia said that the earlier decision of the council was that composition scheme up to Rs50 lakh turnover would be applicable on trading and manufacturing, except certain industries.

Source:-Hindustantimes

Consensus on GST bills; eating out and mobile use may be cheaper from July 1

The Center and states concurred on Saturday on two draft laws expected to trigger the nation's greatest assessment change, a move that will probably make a scope of administrations, including eating out and versatile web, less expensive.

The agreement came at a meeting of fund priest Arun Jaitley and a few state back heads, overcoming right around a time of political contrasts on the best way to supplant a multi-layered arrangement of focal and state expenses and demands with a bound together across the nation Goods and Services Tax (GST).

"July 1 searches feasible for the rollout of GST," Jaitley told journalists, alluding to the most recent in a progression of missed due dates. Bulk Sms Service provider

Jaitley said the GST Council, which he heads and has state fund priests, affirmed the draft of the Central GST and Integrated GST bills. These will now be endorsed by Parliament and the states.

Source:-Hindustantimes