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UPDATE: Jaitley announces changes to GST, to help small companies

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October 06, 2017 20:36

Finance Minister Arun Jaitley addresses a press conference on GST relief measures. The council had day-long discussion on various  various aspects of the GST implementation. The focus is on relief for small and medium traders and exporters. 

>> Pattern of collection of GST is not clear after two months because it was a period of transition

>> E-wallet for each exporter to be made & notional amount as advance refund will be given; will be initiated on April 1 2018

>> There has been blockage in credit of exporters which affects their cash liquidity

>> The limit for turnover in compensation scheme raised from Rs 75 lakh to Rs 1 crore

>> Refund cheques for July exports, will be processed by Oct 10 & refund cheques for Aug exports, will be processed by Oct 18 

>> 90% of the assesses who have turnover less than Rs 1.5 Cr turnover to file quarterly returns

>> E-way bill discussed, K'taka already having good experience with it, after 1 Jan it'll go to other states; will try to implement by Apr 1


>> Man made yarn was taxed 18%, it has been put in 12% slab, will have effect on textiles

>> Members wanted to revisit tax structure of restaurants with more than Rs 1 Cr turnover, will be reviewed

>> GST on unbranded ayurvedic medicines to reduced from 12% to 5%

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