GST Diwali bonanza |
The GST Council has introduced a slew of reforms amid the festive season to woo traders and consumers. In a relief to exporters, it was announced that returns for the month of July and August will be refunded through cheques from October 10 and October 18 respectively. India`s Finance Minister Arun Jaitley said. that an e-wallet will be created for each exporter by April 1, 2018 to carry forward the process. The GST Council has agreed to allow SMEs with turnover of up to Rs 1.5 crore to file quarterly returns instead of monthly filings. About 90 per cent of the taxpayers will be benefited by this change. One of the major compliance issues of the new tax system has been the cumbersome return filing process which requires traders to file three returns a month. Apart from dealing with the GSTN (GST Network) portal issues, filers have also complained of surging compliance charges. The threshold for composition scheme in GST has been hiked from Rs 75 lakh to Rs 1 crore for businesses to avail of the composition scheme that allows them to pay 1-5 per cent tax without going through tedious formalities. Under the composition scheme, a taxpayer is required to file summarized returns on a quarterly basis, instead of three monthly returns. Jaitley said traders, manufacturers and restaurants will pay 1 per cent, 2 per cent and 5 per cent respectively under composition scheme.
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