22ndGST Council under Chairmanship of Union Finance Minister Shri Arun Jaitley on October 6 took measures to give relief to small and medium businesses on filing and payment of taxes, eased rules for exporters and cut tax rates on more than two dozen items.
Businesses with annual turnover of up to Rs 1.5 crore, which constitute 90 per cent of the taxpayer base but pay only 5-6 per cent of total tax, have been allowed to file quarterly income returns and pay tax instead of the current provision of monthly filings. 22nd GST Council meeting decided to reduce GST on 27 items. The following changes in GST rates for certain Goods and IGST rates on Imports of specified Goods have been recommended:
GST RATE FOR FOLLOWING GOODS HAVE BEEN REDUCED