Hasmukh Adhia interview

Important interview by Revenue Secretary Hasmukh Adhia today on GST
https://t.co/ubtb8y5yzy

Key takeaways:
1. GST set to be deferred to Sept

2. Final tax rates at last moment.

3. Border Check-posts not required, but will continue.

4. E-permit mandatory for transport,  except for small parcels.

5. Entertainment taxes to continue but collection to remain with Municipality.

6. Zero-rating (as distinct from exemption) for food products in GST.

Composition Levy: Changes in New Draft

Finally, Govt has laid the GST Bills in Lok Sabha. Bills have several changes from earlier drafts.

Drastic change for Composition levy in #GST.

Instead of Minimum composition levy of 2.5% for manufacturers, now Maximum 1%.

For traders, rate changed from Minimum 1% to Maximum 0.5%

This makes Composition Levy favourable for large number of businesses.