NEW DELHI: More relief under the GST regime is likely for businesses, hinted Prime Minister Narendra Modi on Saturday. Speaking at an event organised by the commerce and industries ministry, Modi stated that the committee of state ministers formed to look into the problems faced by businesses due to the GST system had accepted most of the suggestions presented to them by businesses and trade representatives.
“The Panel has positively accepted most of the suggestions made by representatives. the recommendations of the panel will be accepted in the next GST Council meeting if no state raises any objections,” Modi assured. The next meeting of the GST Council headed by Union Finance Minister Arun Jaitley and comprising state finance ministers is scheduled to meet on November 9 and 10 in Guwahati.
The Committee of Ministers formed
to look into the issues faced by businesses, especially micro, small and medium enterprises (MSME), has already made public several of its recommendations last week. The panel’s head Bihar deputy chief minister Sushil Kumar Modi said that it has recommended that the Council should implement a new tax rate under the composition scheme, which would be 1 per cent for traders, manufacturers and restaurants, Himanta Biswa Sarma, the convener of the ministerial panel, told reporters after the meeting. It was previously 1 per cent, 2 per cent and 5 per cent, respectively.
Panel’s Proposal
The panel also recommended increasing the ceiling for eligibility to enterprises with annual revenue of less than `1.5 crore from `1 crore currently.