Monday, October 23rd, 2017
Filed Under:  Articles, National News, Political Report, Top News

GST Council meet LIVE: Threshold for composition scheme hiked from Rs 75 lakh to Rs 1 cr

6th October 2017   ·   0 Comments

The all-powerful GST Council is meeting on Friday amid rising clamour for changes in the new tax regime that has inflicted considerable pain on the small and medium enterprises.

The 22nd meeting of the council comes soon after Prime Minister Narendra Modi, BJP president Amit Shah and Finance Minister Arun Jaitley held an emergency meeting on Thursday, where the topic of discussion was reportedly the state of the economy and the ways to affect a course correction.

Small and medium-sized enterprises, crucial to Modi’s plans to create millions of more jobs, have been hurt by a massive tax overhaul launched in July that added layers of extra bureaucracy for firms and hit exports.

Finance Minister Arun Jaitley is now chairing the meeting of the council. Officials with knowledge of the meeting and industry bodies told Reuters that they expected the government to simplify the filing of tax returns under GST to ease the burden on smaller businesses.

Many companies also want the government to increase the size of turnover imposed before they must start filing returns. Ajay Sahai, head of the Federation of Indian Export Organisation, told the news agency that he expected the government to allow its 25,000 small and medium-sized members to file tax returns quarterly.

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