Cabinet Clears Amendments To GST Laws

NEW DELHI  — The Cabinet on Wednesday approved GST laws amendments which included hiking threshold limit for availing composition scheme dealers to Rs 1.5 crore, among other things.

The government will now table amendments to the Central GST law, Integrated GST law, Compensation Cess law in the ongoing monsoon session of Parliament. “GST laws amendments have been cleared,” an official source said after the Cabinet meeting chaired by Prime Minister Narendra Modi.

 In all, there are 46 amendments, which among other things, will allow employers to claim input tax credit on facilities like food, transport and insurance provided to employees under any law.

It also provides for modification of reverse charge mechanism, separate registration for companies having different business verticals, cancellation of registration, new return filing norms and issuance of consolidated debit/credit notes covering multiple invoices.

GST revenue increases to Rs 96,483 crore in July

GST collections rose to Rs 96,483 crore in July from Rs 95,610 crore mopped up in the previous month.

The total number of sales return GSTR 3B filed for the month of July is 66 lakh compared to 64.69 lakh filed in June. “The total gross GST revenue collected in July 2018 is Rs 96,483 crore,” a finance ministry statement said.

Of this, collection on account or Central GST is Rs 15,877 crore, State GST (Rs 22,293 crore), Integrated GST (Rs 49,951 crore) and Cess is Rs 8,362 crore (including Rs 794 crore collected on imports).

“This (the revenue collection) is broadly on expected lines,” it said. ?Besides, Rs 3,899 crore has been released to States as GST compensation for April-May, 2018, it added.

The revenue collection figures do not reflect the impact of the recent tax rate cuts on 88 items. Tax rates on consumer durables like washing machine, mixer grinder, fridge, as well as footwear up to Rs 1,000, paints and varnishes and sanitary napkins have been cut with effect from July 27. (PTI)

 

 

 

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