GST Council proposes tax credits and refunds for FMCG retailers
The GST Council just rolled out some fresh proposals aimed at making things smoother for the FMCG and retail world.
Highlights include allowing tax credits on free samples and goods destroyed or written off after expiry of their shelf life, subject to specified conditions, plus easier refunds for services and equipment businesses use.
All this is set to boost cash flow for brands in packaged food, drinks, and personal care, so companies can keep shelves stocked without as many money headaches.
ARQP reduces filings for 5cr retailers
Small consumer-facing businesses predominantly engaged in B2C supplies (with turnover up to ₹5 crore) could soon file returns less often, thanks to a new "Annual Return Quarterly Payment" (ARQP) framework.
The Council also wants to make it easier for brands to sell across states through e-commerce, cutting down on delivery delays.
There are a few more rules, like a 2% levy on specified waste, scrap, and used cooking oil transactions, but overall, these changes should help companies focus more on getting products out there and less on paperwork.