GSTThe GST council today announced major cuts in taxes of various items and announced various measures to support exporters and small businesses, three months after the new taxation system was launched. "It's almost three months since GST roll out..returns have been filed for first two months as well. For the remainder of the fiscal, they will operate under an exempted category paying a nominal 0.1 per cent GST. The e-wallet option will be launched by 1st April, Jaitley added.Jaitley also revealed that about 72 lakh taxpayers have been migrated to the GST system while 25-26 lakh are new taxpayers under the new taxation system. So the small businesses can now file returns on a quarterly basis.

Source: Economic Times October 06, 2017 15:19 UTC