Page 11 - Banking Finance January 2018

GST UPDATE

GST

NEWS
NEWS
NEWS
NEWS
NEWS

Post- GST Union Budget 200 Items becomes cheaper as GST Cuts Notified

Likely on Feb 1 Around 200 products of mass consumption, including detergents and ceiling fans,
became cheaper with the lower goods and services
Finance Minister Arun Jaitley is likely tax (GST) rates taking effect. The finance ministry
to present India's has told citizens to remember this while purchas-
first post-GST and ing these. The government formally notified the
the current
lower rates, including on chocolates, waffles, fur-
government's last
niture, wristwatches, cutlery, suitcases, ceramic
full Budget on Feb- tiles and articles of cement.
ruary 1 next year.
The Budget session of Parliament The GST Council, chaired by Finance Minister Arun Jaitley, had in Guwahati de-
may begin on January 30 with Presi- cided to cut rates on these items to provide relief to consumers and businesses,
amid an economic slowdown.
dent Ram Nath Kovind addressing the
Joint Session of both the Houses of Cabinet okays body to keep check on prices Under GST
Parliament, a senior government of-
ficial said. The Economic Survey, de- The Union Cabinet has approved setting up of the proposed National Anti-profi-
tailing the state of the economy, is teering Authority under goods and services tax (GST) to
likely to be tabled on January 31 and ensure consumers get the benefit of lower taxes under the
the Union Budget may be presented new indirect tax regime. The decision came a day after
the following day, he said. the reduction in the GST rate on over 200 items came into
force. The five-member authority will have power to ask
10,000 Applications from those not passing on the tax benefit to return the undue
profit earned to consumers along with an 18% interest, cut prices and if the con-
exporters for GST Refunds sumer cannot be identified, to deposit the amount in a Consumer Welfare Fund. In

With over 10,000 applications for re- grave cases , it can impose a penalty and even cancel GST registration.
funds filed by exporters till November,
the GST Network asked exporters to Govt allows manual filing of GST refund claims
ensure that the claims do not exceed The government has allowed exporters to manually file before tax officers claims
the GST paid in that month. The Cen- for GST refunds as it looks to fast track clearance of dues
tral Board of Excise and Customs to ease liquidity stress faced by them. Now exporters of
(CBEC) had last month started refunds services who paid IGST and those making zero rated sup-
for exporters of goods who have paid plies to SEZ units as well as those merchant exporters who
IGST and have claimed refund based want to claim refunds for input credit can approach their
on shipping bill by filling up Table 6A. jurisdictional commissioner with their refund form.

BANKING FINANCE | JANUARY | 2018 | 11

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