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 high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation.
The Centre's proposed reduction in GST is also expected to lead to a drop in costs for car buyers, reducing on-road prices as well as EMIs.
Proposed GST cuts on petrol and diesel vehicles could reduce EVs price advantage, slowing adoption while causing major revenue losses for the government - HSBC.
A key meeting of the Group of Ministers (GoM) on GST rate rationalisation on Thursday ended with state finance minister accepting the Centre's plan to reduce the number of tax slabs.
Over 50 million Micro, Small and Medium Enterprises in India, who have GST and Business PAN (B-PAN), can have digital procurement access through Amazon Business ahead of the upcoming festive season, the global e-commerce giant said on Thursday
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