The GST Council meeting that began today has recommended some changes, including those for traders, consumers and exporters. Here are the highlights as briefed by Finance Minister, Arun Jaitley.
1) Exporters refund for July to be processed from Oct 10 and August refunds to be processed from Oct 18.
2) An e-wallet will be created for exporters where a notional amount of credit towards refunds would be created. E-wallet to be implemented from April 2018.
3) Quarterly filing for SMEs with a turnover of Rs 1.5 crores and below.
4) Limit for turnover in compensation scheme raised from Rs.75 lakh to Rs. 1 crore.
5) GST rates on AC restaurants to be examined.
6) GST rates on sliced dry mangoes, Khakhra, unbranded namkeen and Ayurvedic medicine rates reduced.
7) Imitation jewellery, food and printing items to attract GST rate of 5% from 12%.
8) Man made yarn tax reduced to 18%, from 12% slab.