Today GST council announced some major rate cuts in taxes on various goods and announced many cuts in GST which support exporters and small businesses.
Three months back GST created a big problem to exporters, some of them quit their work and moving to any other business. Now GST council has decided to refund to the exporter and stats refund process for July month by the 10th October and refund of August by 18th October.
Jaitley also announced that for a long-term solution of exporters e-wallet will be created where national amount will be given in advance. Jaitley also introduced that e-wallet scheme for them will be launched by 1st April.
It is also been decided to raise the limit of composition scheme to Rs 1 crore which will be helpful for small businessmen to fill returns on the quarterly basis. According to GST council announcement restaurant, businessmen will pay GST at 5% rate, manufacturing composition will be 2% whereas traders will pay 1%.
Jaitley also said that about 72 lakh taxpayers have been migrated to the GST system while 25-26 lakh are new taxpayers under the new taxation system and the majority of them have less than Rs 1 crore of turnover.
Meanwhile, In total, rates have been revised for 27 items GST Council has decided to revise GST on items including sliced mango khakra chapatti, Packaged school children confectionary items, unbranded namkeen, and unbranded ayurvedic medicine from 12% to 5 % while handmade textile items are now with 12% GST rather than 18%.