Toll Free: +1-855-465-4651 |  sales@marketnreports.com

Sme’s Getting Maximum Benefit Owing to Gst Relief to Spur the Growth Figures of The Manufacturing Sector

Posted on: Nov-2017 | By: MarketNReports | Others

Deputy Chief Minister of Bihar, Sushil Kumar Modi stated that he will raise issues related to providing maximum relief to small taxpayers in the Guwahati meeting of the GST: Council of Goods and Services Taxes.

In order to attend the 23rd meeting of the GST Council, to propose a plan, he said that he will raise issues related to giving greater relief to small taxpayers on behalf of Bihar in the meeting. This time, in the meeting, there is a possibility of reducing the rate of tax on more than 200 types of products covered in 28% slab.

He said that in last 10 Days in Bihar, three meetings were held with business representatives from all the districts of the state, representatives of different organizations engaged in different businesses, and businessmen.

He said that on the basis of recommendations received from business representatives, in the meeting of the GST Council, simplification of HSN Code, Invoicing Matching and Returning Process, along with the quarterly return for all taxpayers and the delayed duty reduced from Rs 200 per day to Rs 50. An issue will be raised of mentioning retail price including taxes and common consumer’s invoices.

Sushil said that the rate of tax on more than 200 commodities is likely to be reduced from 28% to 18%. This includes sanitary wares, suction equipment, wall papers, plywood, firefighting equipment, stationery related items, watches, instruments, and products that are used in the house. This will provide great relief to small taxpayers and consumers.

Looking at the tax relief that will be provided by the government, it is projected that there will be a significant rise in the manufacturing of those categories that fall under the reduced tax slab. Small enterprises that are presently witnessing pressure in the business will now be relieved owing to this. It is anticipated that there will be a notable growth in the manufacturing sector, as the goods that are listed in the categories are daily consumable product with constant running demand.

Smooth transition in manufacturing sector will also create job opportunities, resulting in the growth of the economy, as SMEs have a huge contribution in Indian market, compared to the manufacturing giants.