The Indian Chamber of Commerce and Industry (Coimbatore) on behalf of trade, Industry and service sectors of this region has welcomed the relief measures announced by the GST Council to support the exports and small businesses.
In a statement issued here by Vanitha Mohan, President of ICCI (Coimbatore chapter) it was stated “We sincerely thank the Hon'ble Prime Minister, Hon'ble Union Ministers for Finance and Commerce and Industry for the revision of GST".
The following measures have helped the export sector and SME industries Option of quarterly payments for small businesses to file returns and pay, taxes only once a quarter; Tax refund on exports during July & August will be paid by October (This should be done without the departmental infterface); Rates cuts on 27 items, Job work rates rationalized are some of the measures that helped the industiral sector.
"While Composition threshold is being increased to Rs. 1 crore, unregistered suppliers can continue inter-State trade without GST impact. This should be extended to composition dealers also." the statement further said.
"These initiatives will certainly address the problems of the exporters, particularly the micro and small segments. All these relief measures are very pragmatic decisions which show the flexible approach of the Government to solve the problems of trade andindustry" the statement said.
"However, we hope the Government of India will announce further concession for specific sectors especially the MSME area which has been badly impacted. Due to high rates GST rate for wet grinders, which are used for staple diet of South India should be aligned with Chekki Attaa grinders which are taxed at 5%" the statement signed by Vanitha Mohan further said.
In a statement issued here by Vanitha Mohan, President of ICCI (Coimbatore chapter) it was stated “We sincerely thank the Hon'ble Prime Minister, Hon'ble Union Ministers for Finance and Commerce and Industry for the revision of GST".
The following measures have helped the export sector and SME industries Option of quarterly payments for small businesses to file returns and pay, taxes only once a quarter; Tax refund on exports during July & August will be paid by October (This should be done without the departmental infterface); Rates cuts on 27 items, Job work rates rationalized are some of the measures that helped the industiral sector.
"While Composition threshold is being increased to Rs. 1 crore, unregistered suppliers can continue inter-State trade without GST impact. This should be extended to composition dealers also." the statement further said.
"These initiatives will certainly address the problems of the exporters, particularly the micro and small segments. All these relief measures are very pragmatic decisions which show the flexible approach of the Government to solve the problems of trade andindustry" the statement said.
"However, we hope the Government of India will announce further concession for specific sectors especially the MSME area which has been badly impacted. Due to high rates GST rate for wet grinders, which are used for staple diet of South India should be aligned with Chekki Attaa grinders which are taxed at 5%" the statement signed by Vanitha Mohan further said.