List of new GST rules announced by Arun Jaitley today

We have always been GST-compliant, says iflix

E-way Bill should be levied only on inter-state sale having a value of more than Rs 1 lakh.

Tax refunds of July and August for exporters to be processed from October 10, says Finance Minister Arun Jaitley.

E-wallet gateway will be developed and introduced after six months.

It should be noted that prior to GST, exporters did not incur taxes for import of inputs for export purposes. Through this credit, the product's IGST, GST will be given to the people.

The Council also reduced the tax compliance on small and medium in two ways.

A panel headed by Finance Minister Arun Jaitley said small businesses would be allowed to file tax returns every quarter instead of every month. Under the composition scheme, businesses pay a fixed rate to avoid GST paperwork. The GST Council here approved quarterly filing of returns for businesses who registered themselves and with turnover upto 1.5 crore besides raising the threshold for composition scheme from Rs 75 lakh to Rs 1 crore. Service providers can not however opt for the composition scheme.

By April 2018, e-wallets will be functional and the compliance burden would be relaxed for the small and medium businesses. GST Council may also approve suspension of reverse charge till March 31.

Making it even more flexible for the exporters, the GST council has also announced that that the exporters with an advanced licence, 100% EOU and EPCG will be able to export their goods at 0.1% GST till the end of the ongoing financial year. Some major changes have been introduced in the GST regime.

- Man-made yarn will now be taxed under 12 per cent slab as against 18 per cent - this will bear an impact on the price of textiles.

Similarly, GST rate on artificial jewellery may be cut to 5 per cent from 12 per cent and GST rate cut on unbranded cereals may be cut to 5 per cent from 12 per cent.

- Paper waste from 12% to 5%.

News of the proposed amendments to the Goods and Services Tax (GST) to include digital tax have set off alarm amongst Malaysians as they are perplexed as to how the taxes will affect their expenses.

GST rate on parts suitable for use exclusively or principally with fixed Speed Diesel Engines of power not exceeding 15HP and parts suitable for use exclusively or principally with power driven pumps primarily designed for handling water, namely, centrifugal pumps (horizontal and vertical), deep tube-well turbine pumps, submersible pumps, axial flow and mixed flow vertical pumps has also been reduced from existing 28% to 18%.

The GST rate on some stationery items, diesel engine parts has also been reduced to 18 per cent from the earlier 28 per cent. For the GST tax rate of 12 per cent, it is split at 6 per cent Central GST (which goes to the Centre's kitty) and 6 per cent State GST (which goes to the state's kitty).

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