INDORE: State dealers and manufacturers with a turnover below Rs 50 lakh can opt for a facility that will enable them pay their returns at convenient rates. Any unadjusted input tax rebates unclaimed as of July 1 can be carried forward.
These are two of the few proposed recommendations in the draft State Goods and Services Tax (SGST) Bill that will be tabled during a special session of the Madhya Pradesh assembly called on May 3 to pass the bill.
A senior official said, “According to SGST, small dealers in the state can opt for a composition facility and pay taxes at a rate of .05 per cent to 2.5 per cent as against the normal tax slabs of 6 per cent to 28 per cent.”
Official sources said that state-levied taxes such as value added tax (VAT), entertainment tax, entry tax and luxury tax will be subsumed into SGST.
Besides this all formats of challans and forms will be available for dealers on the GST portal.
The official said, “Under the self-assessment facility, there will be no assessment by the department if the dealer pays their returns on time.”
Every state has to pass the SGST bill in their respective assemblies before the implementation of the GST on July 1.
Bihar, Telangana and Rajasthan have already passed the SGST bill. As per official sources, about 14 states are likely to pass their SGST bills by mid-May.
GST aims to provide a single window tax structure across the country, simplifying tax refunds and inter-state transfer of goods and ensuring merchant compliances.