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Now 18 pc GST on diesel engine and pump parts

14/10/2017 | Author: Autoguide | 0 Comments Back To Home   < Previous News   |   Next news >

GST rates lowered on 27 items

The GST Council in a meeting on October 6 lowered tax rates on 27 items including diesel engine and pump parts. It also provided relief to exporters and traders, who are majorly hit by the tax reform. 
 
In this meeting, Finance Minister Mr Arun Jaitley announced the reduction of the GST rate on diesel engine and pump part to 18 per cent from earlier 28 per cent. He also clarified that small businesses will also have to file returns for three months – July, August and September – and can switch to quarterly filing from October 1.
 
This is an interim decision and the long term solution is not exempting in GST. The Finance Minister announced, “We will make e-wallet for every exporter, and soon announce an e-wallet platform.” 
 
The exporters can export with a nominal GST rate of 0.1 per cent till 31 March 2018. The refund of July 1 - August 31, 2017 will be given till March 31, 2018. By April 2018, e-wallets will be functional and the compliance burden would be relaxed for the small and medium businesses. The Council also expanded the scope of the composition scheme from Rs 75 lakh to Rs 1 crore.
 
According to the previous GST rates, spark-ignition reciprocating or rotary internal combustion piston engine, compression-ignition internal combustion piston engines (semi-diesel or diesel engines) and pumps for dispensing fuel or lubricants were under 28 per cent.
 

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