Ministers propose to shield small units from GST burden: Times of India, Mumbai Edition.


Ministers propose to shield small units from GST burden: Times of India, Mumbai Edition.
159 Views
|
Monday, January 7, 2019
|
View All News

Dear all,

Your association SIMA is forwarding herewith an Article published in Times of India, Mumbai Edition dated 07.01.2019 heading “Ministers propose to shield small units from GST burden”.

As per the article, a group of ministers has recommended several steps for making life easier for small businesses under goods and services tax (GST), including backing a plan for raising the the registration threshold, while another panel has cleared the decks for levying state-specific calamity cess, sparing the burden on consumers across the country.

A ministerial group on MSMEs, headed by junior minister for finance Shiv Pratap Shukla, on Sunday supported the proposal to increase the registration threshold beyond an annual turn over Rs. 20 lakhs but could not agree on the new limit, leaving that decision to the GST Council, headed by Finance Minister Arun Jaitley, which is scheduled to meet later this week.

GoM proposes 1% cess levy for Kerala for 2 yrs: TOI

As per another article, instead of agreeing to an increase in the GST rate nationally, the panel agreed to suggest a cess that will be levied by the state concerned but will need specific clearance from the GST Council.

“Kerala had asked the GST Council for levying cess to fund rehabilitation work. The GoM has recommended to the Council that Kerala is allowed to levy 1% cess for two years,” Sushil Modi told reporters after the meeting. The GoM has also recommended amendments to the Fiscal Responsibility and Budget Management Act to increase the borrowing limit for funding natural calamity related spending by the states.

Please go through the attached articles for more details.

Thanking you,
With regards,

For Silvassa Industries & Manufacturers Association

Narendra Trivedi
Secretary


Other News by SIMA