Outcome of the 22nd GST Council Meeting held on 06.10.2017

The Goods and Services Tax (GST) Council hold its 22nd meeting today to consider relaxing the return filing cycle for MSMEs and faster refunds to exporters. The meeting was chaired by Union Finance Minister Arun Jaitley in New Delhi.

The major highlights of the meeting are as under:
  • In a relief to exporters, it was announced that returns for the month of July and August will be refunded through cheques from October 10 and October 18 respectively.
  • An e-wallet will be created for each exporter by April 1, 2018 to ease the process of refunding their returns
  • Businesses with turnover of up to Rs 1.5 crore to file quarterly returns instead of monthly filings.
  • The threshold for composition scheme has been hiked from Rs 75 lakh to Rs 1 crore for businesses to avail of the composition scheme.
  • Manufacturers and restaurants will pay 1 per cent, 2 per cent and 5 per cent respectively under composition scheme
  • 27 items including unbranded namkeen, unbranded ayurvedic medicines, hand made yarn, ICDS food packages, khakra chapati, waste obtained from rubber, plastic and paper have been brought under the 5 per cent slab.
  • Any person buying jewellery worth above Rs 50,000 will not have to furnish PAN card and Aadhaar Card details.
  • Entities dealing in gems, jewellery and other high value goods and has an annual turnover of over Rs 2 crore will no longer be under the purview of the money laundering act.

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