Home / Knowledge / News / Textiles / All manufacturers need not register under GST: CBEC
All manufacturers need not register under GST: CBEC
31
Aug '17
The Indian Central Board of Excise and Customs (CBEC) has clarified that all manufacturers need not necessarily register themselves under the new Goods and Services Tax (GST) regime, effective from July 1. A manufacturer dealing only in exempted goods, or where its turnover is only intra-state and below Rs 20 lakhs, is not required to be registered.

For small traders, manufacturers and restaurants whose turnover is up to Rs 75 lakhs, there is an optional alternative provision of ‘Composition levy’ of 2 per cent, a kind of turnover tax. The turnover cap is Rs 50 lakhs for special category states Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura and Himachal Pradesh.

However, manufacturers of ice-cream, pan masala or tobacco products and service providers other than a restaurant are not eligible for the composition scheme, the CBEC said on its website in a frequently-asked questions document on micro, small and medium enterprises (MSME).

The option to pay tax under composition scheme will lapse from the day on which a person’s aggregate turnover during the financial year exceeds the cap figure. Moreover, a person paying tax under the composition scheme will file quarterly tax returns, can maintain accounts manually and cannot take input tax credit on the supplies received, the board said.

The board further clarified that GST is a destination-based consumption tax, in which when a supply originates in one state and is consumed in another, taxes accrue to the state where the supply is consumed. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Apparel/Garments | On 23rd Sep 2017

AAFA urges negotiators to preserve TPLs in NAFTA

The American Apparel & Footwear Association (AAFA), an alliance of...

Textiles | On 23rd Sep 2017

SIMA urges Centre to re-look duty drawback rates

he Southern India Mills’ Association (SIMA) has appealed to the...

Textiles | On 23rd Sep 2017

PKR 690.65-mn budget for Pakistan Cotton Committee

The Pakistan Central Cotton Committee (PCCC) recently approved a PKR...

Interviews View All

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search