Accounting

GST Council Meeting : Relief expected for SMEs

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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Categories: Accounting, General, GST

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