"Compliance burden of medium and small taxpayers in GST is being reduced", Jaitley told reporters after the 22nd meeting of the Council. Small and Medium Enterprises (SMEs) with Rs 1 crore turnover will have to file quarterly returns, the Finance Minister said. For the remainder of the fiscal, they will operate under an exempted category paying a nominal 0.1 per cent GST. Government contracts involving high amount of labour will be charged 5 per cent GST instead of 12 per cent in order to contain the cost of those programmes. Job works like zari, imitation, food items and printing items would attract 5 per cent tax instead of 12 per cent.

Source: India Today October 06, 2017 16:32 UTC