Ajay Srinivasan (for Info only, not official)

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Ajay Srinivasan

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    ...Together with demonetisation, GST appears to have irreversibly altered the market dynamics for these units. In the earlier tax regime, entities with a turnover of Rs1.5 crore per annum were exempt from payment of excise duty. That threshold has been lowered to Rs20 lakh for most states under GST. Furthermore, job work units, which were previously not liable to pay taxes, have been brought under the GST net, leading to a disruptive impact on industries such as textiles and gems & jewellery where job workers are an integral part of the supply chain. The government has attempted to ease the compliance burden on small units by allowing entities with a turnover of up to Rs1.5 crore to file returns on a quarterly basis as opposed to monthly earlier. ...

    Live Mint on Nov. 15, 2017, 2:01 a.m.