GST rates on 27 items reduced: Top announcements made by Arun Jaitley

Besides this, several others announcements were made by Arun Jaitley during the 22nd GST Council meeting. Here are the top developments:

# Businesses with turnover of up to Rs 1.5 crore will be allowed to file quarterly returns as against monthly filings.

# Tax refund cheques for July exports will be processed by October 10 and refund cheques for August exports will be processed by October 18 Oct.

# E-wallet for exporters will start from April 1, 2018.

# Exporters will get the Integrated Goods and Services Tax relief

# E-way bill will be implemented from April 1

# GST rate on 27 items reduced

# The GST Council has also constituted a panel to consider rationalising GST rate for restaurants

# Man made yarn, taxed at 18 per cent slab, has now been put under 12 per cent slab.

# GST on unbranded ayurvedic medicines will be reduced from 12 per cent to 5 per cent.

# The scheme cannot be opted by supplier of services other than restaurant related services; manufacturer of ice cream, pan masala, or tobacco; casual taxable person or a non-resident taxable person; and businesses which supply goods through an e-commerce operator.

#No input tax credit can be claimed by those opting for composition scheme.

# The taxpayer can only make intra-state supply (sell in the same state) and cannot undertake inter-state supply of goods.