The GST Council in its 22nd meeting today announced a slew of relief for exporters, some of whom are facing working capital squeeze due to delayed tax refund. Finance Minister Arun Jaitley, who heads the Council, said that the refunds for exporters will be expedited. For July, refund cheques of exporters will be processed by October 10 and for August exports by October 18. Mr Jaitley also said that an electronic wallet (e-Wallet) will be set up by April, 2018 for refunds to exporters. Exporters will get a notional advance amount in their e-Wallets and it will be later offset with tax refunds.
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The increase in production is to cater to the increased demand because of the festive season and revised GST rates.
The development coincides with the surge in sales fuelled by revised GST rates and festive demands.
India's consumer economy has achieved its highest Navratri sales in over a decade, a surge attributed to the Modi government's NextGen GST reforms, which reduced tax rates and increased product accessibility.
The Yamaha R3 and the MT-03 have received a price cut of Rs 20,000 following the revision in GST rates.
The sales of Suzuki Motorcycle India were supplemented by reduced GST rates and increased demand because of the festive season.
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