- Sliced dried mangoes reduced from 12% to 5%. The government pushed for the measures in the wake of outcry from small businesses and exporters becoming a political tightrope for the ruling NDA. While the state accounts for 12 per cent of the country's textile exports, it's the largest manufacturer of manmade filament fibre (around 38 per cent of India's total production) and manmade fibre (around 31 per cent). "We have given 15 days' time to the government to make amendments in the GST Act failing which we will intensify our struggle", said Thukral.
Also, though returns for the first two months, July and August have already been filed, it was announced that refunds would be made this month through cheques that would be issued on October 10 and October 18.
E-wallets will be created for every exporter where a limited amount will be credited to pay their taxes.
Several finance ministers are, however, in favour of the second option which will allow for notional credit of taxes through an electronic medium - being referred to as virtual currency or e-wallet.
The meeting of the GST Council was advanced from late October to ensure fast resolution of concerns of exporters and small businesses.
Finance Minister Arun Jaitley said that After receiving GST return for July and August, the Committee have come to know of the experiences and transitions faced by traders of various kinds.
# 90% of the assesses who have turnover less than Rs 1.5 Cr turnover to file quarterly returns. "We will examine if this can be lowered", Jaitley said. Measures to ease the pain points resulting from the shift to the new indirect tax regime are believed to have been discussed as well.
As a lot of traders were not satisfied after GST was first rolled out in July, businesses with turnover upto Rs 1.5 crore annual turnover will now be allowed quarterly filling.
"Since the implementation of the GST from July 1 this year, nearly 30 per cent of the registered tax payers-cum-traders in Goa have not paid their taxes", a senior official from the department said. But they will be asked to file monthly return for the July-Septembr period. Infosys has prepared a list of businesses who are yet to file returns. The government expects improvement in the figure after the change.
GST Council meet today also suggested setting up Group of Ministers to analysis key rate cut issues regarding AC restaurants.
The composition scheme is a less paperwork scheme. "In the wake of current situation where traders are a depressed lot, such relief were much awaited and will change the code and colour of GST on a positive note". He said, items including Khakhra, plain chapati, food packets used in ICDS scheme and unbranded Namkeen will now be taxed at 5 percent instead of 18 percent.