To provide some relief to thousands of small firms, GST Council chaired by Finance Minister Arun
Jaitley reviewed the text-slabs for more than 25 items.
Jaitley reviewed the text-slabs for more than 25 items.
- Small businesses would be allowed to file tax returns once a quarter instead of monthly returns.
Other Important Decisions
- GST rate on some stationery items, diesel engine parts reduced to 18% from 28%
- GST on unbranded ayurvedic medicines to reduced from 12% to 5%
- Khakra and chapati have been brought down from 12% to 5%.
- SMEs with Rs 1 crore turnover can file quarterly returns
- The limit for turnover in compensation scheme raised from Rs 75 lakh to Rs 1 crore
- Any person buying jewellery above Rs 50,000 will not be required to submit PAN or Aadhar Card details
- Hasmukh Adhia committee is formed to present a report on the issues faced by exporters is likely to submit its preliminary report to the Council on Friday.
