The threshold for composition scheme in Goods and Services Tax (GST) has been hiked from Rs 75 lakh to Rs 1 crore, news agency PTI reported. The decision was during the 22nd GST Council meeting, which was chaired by Union Finance Minister Arun Jaitley in New Delhi on Friday. Measures to ease the pain points resulting from the shift to the new indirect tax regime are believed to have been discussed as well. Jaitley is expected to brief media after the meeting ends.
The government has also revoked GST notification on gems and jewellery. A separate notification will be issued separately after due consideration, according to ANI. The meeting is also believed to have deliberated on providing relief to exporters in terms of faster refunds and compliance.
“In transition, problems will be there but as long as the GST Council and the government are open to suggestions, as long as they are continuously giving relief to people for whatever problems they have faced … as long as that process of adjustment is taking place regularly, people should not worry,” Revenue Secretary Hasmukh Adhia recently said in an interview to The Indian Express. A committee set up under Adhia on issues faced by exporters, is also likely to submit its preliminary report to the Council today, reports PTI.
The GoM has also asked the GSTN to send reminder text messages to the 20 lakh businesses which are yet to submit the tax forms, reported PTI. The last date for filing of final sales returns for July in GSTR-1 form is October 10, while the date for uploading of purchase returns in GSTR-2 is October 31. The final GSTR-3, matching GSTR-1 and 2, is to be filed by November 10. The GoM in its meeting on Thursday also asked GSTN and Infosys to brace up for handling the rush of last-minute filers.
The apex indirect tax body CBEC will inform the Council that it is ready to release Integrated GST (IGST) refunds to exporters from October 10. In a meeting with the Revenue Secretary last month, exporters had said that an estimated Rs 65,000 crore is locked up in GST refunds. Also officials said that easy compliance for exporters, like quarterly filing of returns instead of monthly filing, is likely to be discussed by the Council.
(With PTI inputs)