Full GST Council meet; likely to provide some relief to traders

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Addressing the media after the GST Council's 22nd meeting in New Delhi, Finance Minister Arun Jaitley said that impact of GST on trade and transition issues was discussed in the meeting.

"In general, Goa government has suggested to the council that the GST regime should be non-problematic to the smaller dealers, traders and entrepreneurs", he informed, expressing confidence that the recommendations of the state government to the GST Council would be honoured, and after that nearly all the GST-related problems here would be taken care of. It may take another three months to get things streamlined. Exporters need to pay IGST on import of their inputs, and claim refund from the government under rules. In the e-wallet, there would be a notional amount for credit.

Council members have approved quarterly return filings for businesses with turnover less than Rs 1.5 crore, a Council member said.

"No proper functioning of GSTN portal and absence of any nodal authority for seeking authoritative response for the queries have added miseries to the life of traders in barely 100 days of GST implementation in the country", CAIT said. On cards is change in rates for textiles which would provide relief to traders as well as consumers to some extent. These collections will not be the complete picture as these two months were early transitional phase.

"For small and medium taxpayers, the tax burden is less but compliance is more".

Traders with a turnover of upto 1.5 crore rupees will have now have the facility of filing returns quarterly i.e. every three months instead of monthly. "This will benefit small businesses and substantially reduce compliance costs", Jaitley said.

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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.

Return to be filed once in the quarter not monthly basis.

Composition scheme has been made more attractive & other facilitation measures will make the GST even more people-friendly & effective. "This is big taxpayer base, of which 15.5 lakh are the ones who have opted for the composition scheme".

The GST rate on diesel engine parts will be reduced to 18 per cent.

The meeting of the GST Council was advanced from late October to ensure fast resolution of concerns of exporters and small businesses.

The Finance Minister also stated that the tax refunds of July and August for exporters will be processed from October 10. We are working on starting the e-wallet from April 1, 2018.

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