GST Council announces relief for exporters, small traders| MENAFN.COM

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GST Council announces relief for exporters, small traders

(MENAFN- NewsBytes)

GST Council announces relief for exporters, small traders
06 Oct 2017

Addressing media after the GST Council's 22nd meeting, Finance Minister Arun Jaitley announced several reforms in India's new tax regime.

Relief was announced for exporters and small traders: "heavy" compliance burden has been addressed and exporters will get tax refunds starting October 10.

The changes came after widespread criticism over poor implementation of the GST.

Read on to know all details.

Relief to businesses under composition scheme

To ease the burden on traders, the composition scheme net has been increased to taxpayers with turnover of up to Rs. 1cr. 1% tax will be applicable.

Non-composition scheme taxpayers with turnovers of less than Rs. 1.5cr have been allowed to file returns quarterly; businesses earning above that have to continue filing monthly.

Manufacturing firms will be levied 2% tax under composition scheme.

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