According to sources it was stated that traders below Rs 20 lakh annual turnover are exempt under GST as compared to the current threshold of Rs 10 lakh in indirect taxes. It was stated that traders, manufacturers and restaurants with up to Rs 75 lakh turnover can go for the Composition Scheme and pay 1, 2 and 5% tax respectively.
Moreover rest of the traders will have to file three returns every month, out of which two will be auto-populated and the input tax credit under Cenvat credit will be carried forward into the new regime. As per report from sources it was stated that the integrated GST (IGST) and GST Compensation Cess would be levied on cargo arriving on July 1.
However, additional duty of customs would continue
to be levied for imports of petroleum and tobacco products are mandatory for
all importers or exporters to declare GST Registration Number (GSTIN) along
with Import Export Code (IEC) in the bills of entry, shipping bills and courier
forms. Furthermore it was added that provisional IDs issued by Goods and
Services Tax Network (GSTN) also be declared during the transition
period.
