New Delhi, October 6: The Goods and Services Tax (GST) Council on Friday decided to revise rates on 26 items. Afer day-long meet, Finance Minister Arun Jaitley said the council has decided to increase the composition threshold from Rs 75 Lakh to Rs 1 Crore for small traders.Also Read - SBI Customer Alert: Update These Documents Soon to Enjoy Hassle-free Banking Services
He added the measure will ease the pressure on small traders whose turnover is less than Rs 1.5 Crores. Jaitley said the traders will now file their returns once in three months. Also Read - GST Council Special Session To Be Convened To Discuss Compensation-Related Issues: Sitharaman
Jaitley said the council has decided to form a Group of Ministers (GoM). It will review the provisions of imposing taxes on customers in restaurants. Jaitley told the media persons that the rates on items like plastic and paper waste, stationary items, edible items and Ayurvedic items were also reduced. Also Read - Aadhaar-PAN Card Linking Deadline Extended Till September 30, Here’s How to Do it | Step-by-step Guide Here
Rates on Plastic waste were reduced from 18 to 5 percent. Similarly, tax on paper waste was also reduced from 12 percent to 5 percent. Man-made yarn’s rate was revised from 18 percent to 5 percent too.
The council also announced PAN or Aadhaar Card details would not be required for buying jewellery above Rs 50,000.
It said any entity dealing in gems, jewellery or other high-value goods and has a turnover of Rs 2 Crore or more in a Fiscal Year will not be covered under Prevention of money laundering act (PMLA).