The The finance ministry’s new year gift is a notification reducing the Goods and Services Tax (GST) rate for manufacturers under the composition scheme, from two per cent to one per cent. The GST rate of five per cent for restaurants remains unchanged.
Others under the composition scheme need to now pay GST at one per cent only on their taxable turnover. Merchant exporters which procure goods on payment of only 0.1 per cent GST are now barred from exporting on payment of Integrated GST (IGST) and claiming refund of this. They may, however, export under a letter of ...
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