Finance minister Arun Jaitley (right) and revenue secretary Hasmukh Adhia during the GST Council meeting on Friday. The Council decided to clear all tax refund claims of exporters for July by 10 October and for August by 18 October. It introduced a 0.1% GST rate for merchant exporters, offering relief from the full applicable GST rates on their procurements. “Big players pay the largest chunk of GST, while small taxpayers who pay nominal or nil tax face high compliance impact. Small businesses with sales up to Rs1.5 crore can also now file quarterly tax returns instead of monthly returns.

Source: Mint October 06, 2017 15:18 UTC