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06 October, 2017

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Reliefs to Exporters, Composition Scheme Opters & Small Business Return Filing - GST Council Meeting

Reliefs to Exporters, Composition Scheme Opters & Small Business Return Filing - GST Council Meeting

In what could be a big relief to Indian Exporter Community and Small Businessmen frustrated at filing of Cumbersome Monthly Returns, the GST Council has stepped In perhaps just at the edging moment.

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Key Reliefs Expected Out of Council's Meeting Today are :-

  1. Small Businesses having Turnover of Less than 1.5 Crores in a FY shall be allowed to file Quarterly Returns.
  2. Payment Cycle Will Still be Kept Monthly so even Small Businesses are Likely to Compute the Net Cash Liability Every Month even now.
  3. The Limit of Composition Scheme to be Increased from Current 75 Lacs to 1 Crores and Registrations to be made open till 31.3.2018
  4. Allowance of Exports without duty or faster Refund processing
  5. Deferment of RCM till 31.3.2018
  6. Restaurants, cab services among 60 items for which rates are likely to be cut
  7. E-way Bill Provisions Likely to deferred till 31.3.2018
The above are yet not confirmed but on the expected lines, you are advised to refer to Final Notifications envisaging the above changes for correct interpretation

It will be Important to see how Council Resolves the Invoice/ Input Matching problem in case where the Quarterly Invoice Vendors supplies to Monthly Customers

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