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Published from Chennai and Circulated among the trade across the country RNI TNENG/2014/59741
Wednesday, October 11, 2017
8 Pages
Huge Relief for Exporters: GST Council Approves Sweeping Changes New Delhi Port Wings News Network n what could be termed as a huge relief to exporting community in the country, the Goods and Services tax (GST) Council has responded to the concerns raised by various stakeholders by reducing rates on 27 items and 12 services, and importantly, approved sweeping changes in rules to favour the EXIM trade. The GST Council, headed by the Finance Minister Arun Jaitley, pushed for big reforms in its 22nd meeting held in New Delhi on 6 October to introduce more flexibility in the recently introduced GST system. The GST Council, in its 22nd Meeting has recommended the following facilitative changes to ease the burden of compliance on small and medium businesses: COMPOSITION SCHEME The composition scheme shall be made available to taxpayers having annual aggregate turnover of up to Rs. 1 crore as compared to the current turnover threshold of Rs. 75 lacs. This threshold of turnover for special category States, except
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for that portion of the quarter from when the scheme becomes operational and shall file returns as a normal taxpayer for the preceding tax period. The increase in the turnover threshold will make it The Union Minister for Finance and Corporate Affairs, for Arun Jaitley chairing the 22nd GST Council meeting, in New possible number Delhi on October 06, 2017. The Minister of State for Finance, greater of taxpayers to Shiv Pratap Shukla is also seen. avail the benefit Jammu & Kashmir and Uttarakhand, shall be increased to Rs. 75 lacs of easier compliance under the from Rs. 50 lacs. The turnover composition scheme and is expected threshold for Jammu & Kashmir and to greatly benefit the MSME sector. Persons who are otherwise Uttarakhand shall be Rs. 1 crore. The facility of availing composition eligible for composition scheme but under the increased threshold shall are providing any exempt service be available to both migrated and (such as extending deposits to banks new taxpayers up to 31.03.2018. for which interest is being received) The option once exercised shall were being considered ineligible for become operational from the first the said scheme. It has been decided day of the month immediately that such persons who are otherwise succeeding the month in which eligible for availing the composition the option to avail the composition scheme and are providing any scheme is exercised. New entrants exempt service, shall be eligible for to this scheme shall have to file the composition scheme. the return in FORM GSTR-4 only Contd. on page -2
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Wing 4 Feather 8
Adani Ports, Mundra Handles 10,254 TEUs From Single Vessel, Sets National Record
largest vessels to Ahmedabad call at Indian ports. Port Wings News Network The vessel called dani Ports, Mundra Adani International successfully set a national Container Terminal record for the “largest parcel Private Limited size of containers handled in one (AICTPL) on 27 vessel call at any Indian container Mr Ennarasu September at 0800 port” on 29 September. hours. During the Karunesan, According to a media statement, CEO APSEZ Mundra vessel’s port stay this accomplishment once again & Tuna Ports of 48.5 hours, showcases Adani Port as India’s top the terminal exchanged a hitherto private port and is a testimonial to unprecedented 10,254TEUs, the world-class infrastructure and surpassing its own record of productivity levels that Adani Ports 8,703TEUs, which was set on MSC proffers to the EXIM trade in India. Fillippa on 4 September 2016. MSC Bruxelles The vessel, which arrived from With a length of 337 metres, Karachi, sailed for Nhava Sheva the MSC Bruxelles is amongst the (JNPT) at 0830 hours on 29 September after safely completing all the planned moves. On the occasion, Mr Ennarasu Karunesan, CEO APSEZ Mundra & Tuna Ports, shared Contd. on page -2
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Ground-breaking Ceremony Performed for... Pg-3 Kamarajar Port Organises “Swachhta Hi Sewa”... Pg-4 Pg-4 New Mangalore Port Registers Positive... Rajnath, Gadkari Lay Foundation for Shipping... Pg-5 Pg-2 Department of Posts Celebrate National... Vessel Position at Terminals and Ports... Latest Customs Exchange Rates... Kale Logistics Solutions Becomes First...
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Double Digit Demand Growth for Freight...
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Port Wings plans to bring out a special edition on account of Festival of Light - Diwali
Hurry! Advertisement Cut off Friday, 13th October 2017
The special edition will carry articles from all verticals of EXIM trade and special interviews from well-known personalities in the sector.
For Pre-booking Advertisement space, Contact:
K.Sivakumar - 9444222056, C.U.Satheesh - 7358020372 M.Richard Collins - 7358020375 (Tuticorin), Email: marketing@portwings.in
RNI No. TNENG/2014/59741 Postal Registration No. TN/CNI/GPO/067/2015-17 Posted at Pathrika Channel, Egmore, RMS, Chennai-8. Date of Publication - Tuesday, Posted on Tuesday / Wednesday