Talking to the media after the conclusion of the 22nd GST Council meeting today, Union Finance Minister Arun Jaitley said that the government will initiate an e-wallet facility for all exporters from April 1, 2018. The GST Council meeting exempted dealers in precious metals, including gems and jewellery, from the Prevention of Money Laundering Act (PMLA), 2002. Small and Medium Enterprises (SMEs) with Rs 1 crore turnover will have to file quarterly returns, the Finance Minister said. Members wanted to revisit tax structure of restaurants with more than Rs 1 crore turnover, will be reviewed. 90 per cent of the assesses who have turnover less than Rs 1.5 crore turnover to file quarterly returns.

Source: India Today October 06, 2017 13:24 UTC