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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


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