Small and Medium Enterprises (SMEs) facing extreme anxiety on Goods and Service Tax (GST) related issues post GST launch in July 2017, particularly, the trading community who are under < 1.5 Cr turnover.
For us, the council meeting ending on 10th Nov 2017, may make decisions that meet many of the SMEs expectations.
Per Sushil Modi, Bihar Chief Minister, who is also a member of GST Council of Ministers team, Tax rates on approx. 80 % of items in the 28% tax slab are likely to be reduced to 18% such as Furniture, and few other personal use items. Few of the items that are expected to move down from 18% to 12% tax slabs, related to Food Industry.
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