Major GST relief for exporters, small traders: Highlights

 

In the meeting, it was discussed that PAN or Aadhaar Card details would not be required for buying jewellery above Rs 50,000.

Here are the other major decisions taken at the meeting:

  • GST on unbranded ayurvedic medicines to reduced from 12% to 5%.
    Man made yarn was taxed 18%, it has been put in 12% slab, will have effect on textiles.
    The council will try to implement the e-way bill by April 1, 2018.
    GST Council has agreed to allow SMEs with turnover of up to Rs 1.5 crore to file quarterly returns instead of monthly filings.
    About 90 per cent of the taxpayers will be benefited by this change.
    Traders will pay 1%, manufacturers 2% and restaurants 5% under the composition scheme.
    Refund cheques for July exports will be processed by Oct 10 and refund cheques for August exports will be processed by Oct 18.
    Those who have up to Rs 1.5 crore turnover will file quarterly returns, not monthly returns.
    Compliance burden of medium and small taxpayers in GST being cut; eligibility of composition scheme raised to Rs 1 crore.
    E-wallet for each exporter to be made and notional amount as advance refund will be given. It will be initiated on 1 April 2018.

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