Finance Minister Arun Jaitley on Friday conducted 22nd GST council meeting that comes up with good news for all the small businessmen and exporters. The government announced the significant update of the goods and services tax regime after three months. The NDA government is now ready to make taxation regime less painful for the businessmen with a significant cut in taxes on the various commodities.
Earlier this week, PM Modi in his speech indicated that government is ready to bring relief measures to reduce the problems faced by small businessmen and exporters because of GST.
All about new rules of GST council meet
For Small Businessmen:
The Goods and Services tax council on Friday allowed small businesses with a turnover of Rs 1.5 crore to pay tax and file returns quarterly instead of monthly. The filing of returns on the quarterly basis for small businessmen has started from 1st October and will be asked to file monthly return for the July-September period.
Last week finance minister held a series of meetings with a group of exporters to understand their problems. And they received key feedback on GST that exporters are facing problems in organising working capital. In the wake of this GST, council start the refund process for July by 10 October. Now, in the remaining financial month, exporters will operate under an exempted category paying a nominal GST of 0.1 percent. And by next April 2018, the government will start new digital e-wallet system for exporters.
The GST council has also decided to cut GST rate of the 27 commodities such as Gujarati delicacy khakra, unbranded namkeen, Ayurvedic medicine and sliced dried mango from 12 percent to 5 percent.
Composition scheme has been made more attractive & other facilitation measures will make the GST even more people-friendly & effective.
— Narendra Modi (@narendramodi) October 6, 2017
Reducing GST on unbranded ayurveda medicines from 12% to 5% showcases Modi govt's commitment to revive the ancient Indian Ayurveda.
— Amit Shah (@AmitShah) October 6, 2017