more-inIn what should come as a relief to exporters and small businesses, the GST Council on Friday announced a slew of decisions to reduce their compliance burdens, including the eventual setting up of an e-wallet for input tax credits for exporters, and the option for small businesses to file returns and pay taxes only once a quarter. The GST Council also reduced the tax rates on 27 items, Finance Minister Arun Jaitley said. “The committee of secretaries set up to look into the problems faced by the exporters found that the credit blockage felt by exporters was causing a liquidity problem for them,” Mr. Jaitley told reporters following the 22nd GST Council meeting. “The increase in threshold under composition scheme to ₹1 crore would bring in many more small businesses within its ambit,” Pratik Jain, Leader, Indirect Tax at PwC India said. Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta said the changes and initiatives announced by the Government following the GST Council meeting will address the problems of the exporters particularly those in micro and small segments.

Source: The Hindu October 06, 2017 17:48 UTC