Small and Medium Enterprises (SMEs) will be allowed to file the GST return once in three months
The 22nd Meeting of the GST Council will be held on 6 October 2017 at Hall No 2-3, Vigyan Bhavan, New Delhi.
The Finance Minister Arun Jaitley can announced massive relaxations for small businesses after the 22nd Goods And Services Tax (GST) council meeting. According to TV reports, small and medium enterprises (SMEs) will be allowed to file the GST return once in three months.
Sources further said that businessmen with annual turnover less than Rs 20 lakh will be able to file GST return by filing a single form. Businesses with annual turnover less than Rs 1.5 crore can also get a relaxation from filing monthly GST.
Reports further said that the GST council may give a relaxation to exporters to not file the GST return until March 2018. Apart from that, GST levied on at least 60 items can be brought down. While some goods and services in 28 per cent slab can be brought in the 18 per cent slab; others in 18 per cent slab can be brought down to the 12 per cent slab.
Big-ticket reforms in filing GST returns were expected after many noted economists said that the implementation of the indirect tax was the reason behind the slowing down of the economy. The Reserve Bank of India (RBI) had also said that GST had an adverse impact on growth.