The recently revised Goods and Services Tax (GST) slabs have provided much-needed relief to large sections of Rajasthani industry including the marble idol makers. Sectors like handicrafts, textiles, Kota stones, carpets, and hospitality are some of the direct beneficiaries of the tax revision.
Besides, the decision has been made to increase the threshold of composition dealers from INR 1 Crore to INR 1.5 Crores that will require them to file returns quarterly instead of monthly. This will benefit 90% traders of Rajasthan who were facing lack of financial resources earlier.
As per the industry bodies, the revenue department actively pursued the issues and Finance Minister Piyush Goyal also visited Jaipur and interacted with the business community that played a major role in making favorable decisions.
Talking about the GST revisions, the tax on Kota Stone has been reduced from 12% to 5%, while the handicrafts industry witnessed a reduction from 18% to 12%. Moving on, the GST rate on the handmade carpet and handloom daris have been bought down from 12% to just 5%.
As far as the hotel industry is concerned, the concept of declared tariff for hotel accommodation will be abolished after the revisions. The rate of tax will be calculated on actual tariff billed, a long withstanding demand of the industry. Atul Sharma, Director of FICCI-Rajasthan said that this would give a new boost to the burgeoning hotel industry in Rajasthan.
Source: Times of India