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GST Council relief to exporters, small businesses

07 October 2017

With the primary attention of the GST Council and the government expected to be providing relief to small and medium businesses and exporters, some procedures related to GST returns filing may be tweaked. He also said GST rates on some products would be cut and the threshold for lower tax would be raised.

The GST Council meeting, which will be 22nd meeting of the Council, is also expected to discuss and announce measures to reduce the burden on small taxpayers and improvements in the GST Network's functioning.

To monitor and resolve technical challenges faced during GST return filing, a group of ministers under Sushil Modi was constituted last month. The GST Council has addressed these concerns and has brought relief to small traders in particular.

'The medium and small companies should remain in the tax net but we will relax their compliance burden, ' he said.

The GST Council also reduced rates for as many as 27 commonly-used items and services. The meeting is third since the implementation of the Goods and Services Tax in July this year. Some major changes have been introduced in the GST regime.

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The GST Council at its 22nd meeting held at Vigyan Bhavan in the national capital today chose to increase the composition threshold for companies to a turnover of up to Rs1 crore. In the e-wallet, there would be a notional amount for credit.

The good and services tax (GST), which came into effect on July 1, was created to replace more than a dozen state and national levies and transform India's $2 trillion economy into a single market for the first time. On Wednesday in a rare move, Prime Minister Narendra Modi defended his government's record on economic management and pledged to reverse the slowdown ahead of 2019 federal elections.

"The collection pattern observed so far shows that a substantial portion of the tax is coming from the big players", Mr Jaitley said.

On that note, the Director-General has urged traders and company owners to declare their GST statements before the department take stern action against them.

Taking stock of the exporters' working capital that was getting blocked under GST affecting their cash liquidity, the Council has made a decision to disburse their refunds through cheques for July and August from October 10 and October 18 onwards respectively.

GST Council relief to exporters, small businesses