The GST council has offered monsoon GST tax bonanza to users. In its 28th meeting, the GST Council headed by Piyush Goyal (the interim Finance Minister), has made a decision to lower the tax rates on various generally-employed goods such as washing machines, TV, and refrigerators. Besides that, the council has now placed sanitary napkins below the exempted section. The reduction in the rate is expected to cost the government almost Rs 7,000 Crore.
Previously, the council had amended tax rates on 29 goods in January 2018. The largest rate rationalization move was taken in November 2017 by the council when more than 200 goods were placed to reduce tax brackets from 12%, 18%, and 28%.
Tax rates for 17 white products comprising air conditioners, washing machine, TV, refrigerators, vacuum cleaners, video games, juicer mixer, trailers, shavers & hair driers, grinders, water heaters, water cooler, electric iron, and Li-Ion batteries was slashed from 28% to 18% by 10%. GST rate of 18% will be pertinent to televisions from 27-inch (68-cm) in size
Sanitary napkins to get more affordable as it has been placed below exempted section. Napkins were charged at 12% previously.
Easier return filing procedure was accepted. Quarterly returns for companies with turnover of almost Rs 5 Crore will be replaced with monthly filings. On the other hand, tax payment will be done monthly. Almost 93% small business and traders will be benefited from this. Exception limit for traders in Arunachal Pradesh, Assam, Himalaya, Himachal Pradesh, and Sikkim increased to Rs 20 Lakh from Rs 10 Lakh.
On a related note, Alankit Limited (the e-governance service provider) earlier launched e-Raahi, a cost effective and simple desktop software and mobile app for creation of e-way bills with a single tap. The application permits consumers to organize a systematic invoice report for GST filing.