AMN
Finance Minister Arun Jaitley is chairing the Goods and Services Tax, GST, council meeting in New Delhi. GST council is likely to assess the improvements in the GST Network’s functioning. It may also decide on providing some relief to exporters in terms of faster refunds as well as compliance.
With over 33 lakh businesses filing the final GSTR-1 return, the GoM has tasked GSTN to send reminder text messages to the remaining 20 lakh businesses which are yet to submit the tax forms.
Besides, the committee set up under Revenue Secretary Hasmukh Adhia on issues faced by exporters, is likely to submit its preliminary report to the Council. Based on that the Council is likely to recommend some relaxation for exporters so that their working capital which is locked up in refunds is released.
Prime Minister Narendra Modi, while defending his government’s track record in managing the economy, on Wednesday said that both demonetisation and the implementation of GST were structural reforms.
Council is likely to decide on providing some relief to exporters in terms of faster refunds as well as compliance. According to officials, the full fledged meeting of the GST Council is also likely to assess the improvements in functioning of the GST Network.
Besides, the committee set up under Revenue Secretary Hasmukh Adhia on issues faced by exporters, is likely to submit its preliminary report to the Council. Based on that the Council is likely to recommend some relaxation for exporters so that their working capital which is locked up in refunds is released.
Meanwhile, Bihar Deputy Chief Minister Sushil Modi has appealed to the members of the GST council to consider difficulties being faced by the small tax payers. He said in Patna yesterday that under the current tax regime all tax-payers have to file monthly return, which is causing a lot of difficulty to small traders. He suggested that tax-payers with a turn-over of upto 1 crore 50 lakh rupees may be permitted to file return tri-monthly.