Finance Minister Arun Jaitley said on Friday that the rules for small businesses and exporters would be eased under the Goods and Services Tax (GST), a move that could provide relief to thousands of small firms.
Small businesses would be allowed to file tax returns once a quarter instead of monthly returns, Jaitley said following a meeting of the GST council.
GST, which was launched in July, is a landmark reform which turned India’s 29 states into a single market for the first time.
Prime Minister Narendra Modi had said on Wednesday the government was committed to removing the glitches and bottlenecks of the GST regime.
Here are the highlights:
9pm: The GST Council will meet next on November 9 and 10 in Guwahati.
8.34pm: GST rate on some stationery items, diesel engine parts reduced to 18% from 28%, says finance minister.
8.30pm: GST on unbranded ayurvedic medicines to reduced from 12% to 5%
8.27pm: GST rates of 26 items were reviewed by the GST Council says Arun Jaitley. Tax on food items like sliced dry mangoes, khakra and chapati have been brought down from 12% to 5%.
8.22pm: GOM to re-look at 18% GST charge on AC restaurants with turnover more than Rs 1 crore: Arun Jaitley
8.20pm: Any person providing exempted service are eligible for compensation scheme, says finance minister.
8.16pm: SMEs with Rs 1 crore turnover can file quarterly returns: Arun Jaitley.
90% of the assesses who have turnover less than Rs 1.5 Cr turnover to file quarterly returns: Jaitley.
8.12pm: The limit for turnover in compensation scheme raised from Rs 75 lakh to Rs 1 crore: Arun Jaitley.
8.10pm: The e-wallet credit will allow for GST, IGST, etc, while actual refund will offset this, says Finance minister.
8.06pm: For July exports, refund cheques will be processed by October 10 and for August exports, refund cheques will be processed by October 18: Arun Jaitley.
There will be an e-wallet for each exporter and notional amount as advance refund will be given; will be initiated on 1 April 2018: Arun Jaitley.
8.05pm: Nominal 0.1% GST on exports, says finance minister.
8.03pm: One of the concerns flagged by representatives of states after the implementation of GST was over exports and small scale sector, says finance minister.
8.01pm: Pattern of collection (of GST) is not clear after two months because it was a period of transition, says Arun Jaitley.
8pm: Arun Jaitley addressing the media after 22nd GST Council meeting in Delhi.
7.55pm: GST Council allows SMEs with turnover of up to Rs 1.5 cr to file quarterly returns instead of monthly filings.
7.45pm: GST council meet ends. Arun Jaitley to address media shortly.
7.30pm: GST council meet that started at 10.30 am, still underway.Union finance minister Arun Jaitley expected to brief media after the meeting ends.
7.20pm: Any person buying jewellery above Rs 50,000 will not be required to submit PAN or Aadhar Card details, reports ANI news.
7.15pm: Any entity dealing in gems/ jewellery/ other high-value goods & has a turnover of Rs 2 Crore or more in a FY will not be covered under Prevention of money laundering act (PMLA), reports ANI.
7.10pm: GST of gas stove and consumer articles has been cut from the current 28 percent: GST Council member Mauvin Godinho tells CNBC-TV18.
7pm: A committee set up under revenue secretary Hasmukh Adhia on the issues faced by exporters is likely to submit its preliminary report to the Council on Friday.
6.45pm: Govt revokes GST notification on gems and jewellery, separate notification to be issued separately after due consideration., reports ANI news agency.
6.40pm: Threshold for composition scheme in GST hiked from Rs 75 lakh to Rs 1 crore: PTI quoting sources.
6pm: Domestic bourses saw their first weekly rise in three weeks as the Sensex on Friday soared over 222 points to end at an over two-week high of 31,814.22 and the Nifty closed near 10,000-level on across-the-spectrum buying led by metal stocks ahead of the GST Council meet outcome.