JAIPUR: Rajasthan industries minister Rajpal Singh Shekhawat said that the recent GST council meeting had accepted many of the recommendations of the state government and state’s industry, especially gems and jewellery, textile and tourism sector would benefit from the decisions.

He said, jewellery business has been kept out of the Prevention of Money Laundering Act (PMLA) and now purchases up to Rs 2 lakh do not require any PAN numbers. This is a big boost to the state before Diwali which is known for its gems and jewellery business. Earlier, PAN was necessary for purchases over Rs 50,000.

He said similarly the reduction in the GST rate for air conditioned restaurants with a turnover of Rs 1.5 lakh from 18% to 5% would be a benefit the state’s tourism sector. He said the reduction in GST for the yarn to fabrics sector from 18% to 12% and unbranded Namkeen from 12% to 5% is a blessing to the people of the state. Ayurvedic medicines will now attract 5% GST instead of 12%.

The minister claimed that the traders and business men in the state had welcomed the GST and there is a growth of about a lakh increase in GST registration. He said the number of registered traders before GST was 5.36 lakh which has grown to 6.22 lakh post GST regime.

He admitted that here was a liquidity crisis with the traders and exporters due to the delay in input tax credit which was being seriously taken up in the council meeting. He said a new software called e-wallet is being developed to address this issue. He said the exporters would get tax refund from October 10. The industry minister whether there was a time limit for including petroleum products and liquor in the GST he said there is still very strong opposition from the petroleum producing states as their income is heavily depended on the revenue from this sector. But the said once the tax base broadens and revenue receipts spread out there is chances of these states also agreeing for GST inclusion and soon these products also brought under GST which will bring relief to the people.

 09 Oct 2017, 09:27 AM