GST Council meet: SMEs with Rs 1 crore turnover can file quarterly returns

This will be the fourth meeting of the council since the launch of the GST on July 1 and the 22nd since it was set up in September last year.

The Government on Friday revoked GST notification on gems and jewelry, saying separate notification to be issued after due consideration.

The GST Council at its 22nd meeting held reached a consensus on increasing composition threshold on companies with a turnover of up to Rs 1 crore, said Andhra Pradesh Finance Minister Y Ramakrishnudu.

Andhra Pradesh Finance Minister also requested the GST council to allow for quarterly filing of returns for small businesses while discussing issues faced by small traders, reported ANI.

If approved, the quarterly return filing system will replace the current system of three monthly and one annual filing.

The Meeting was chaired by Union Finance Minister Arun Jaitleyi. This is fourth meeting of the council since the launch of the GST on July 1 and the 22nd since it was set up in September last year.

As per Network18 report, a quarterly return filing mechanism could replace the current system of three monthly and one annual filing. Around 60 goods and services may also become cheaper after being shiftAndhra Pradesh Finance Minister on Friday requested The GST Council to allow quarterly filing of returns for small businesses.

The meeting is likely to provide some relief to exporters in terms of faster refunds as well as compliance, reports PTI. The full-fledged meeting of the GST Council is also likely to assess the improvements in the GST Networks functioning.

Officials in the ministry said that the Group of Ministers, under Sushil Modi, set up to look into GSTN glitches will also brief the Council on the portals functioning.

The committee, set up under Revenue Secretary Hasmukh Adhia on issues faced by exporters, is likely to submit its preliminary report to the Council .

The council has over the past 10 months ironed out various contentious issues and decided on a four-tier tax structure of 5, 12, 18 and 28 per cent.

CM and Deputy CMs at the meeting

Goa CM Manohar Parrikar, Puducherry CM V Narayanasami, Bihar Dy CM Sushil Kumar Modi at the 22nd meeting of the Goods and Services Tax (GST) council, in New Delhi on Friday. PTI Photo

Jaitley in conversation

Union Finance Minister Arun Jaitley listens to Chief Economic advisor Arvind Subramaniam as MoS for Finance Shiv Pratap Shukla looks on, at the 22nd meeting of the Goods and Services Tax (GST) council, in New Delhi on Friday. PTI Photo

Meeting in progress

Union Finance Minister Arun Jaitley and Revenue Secretary Hasmukh Adhia (L) at the 22nd meeting of the Goods and Services Tax (GST) council, in New Delhi on Friday. PTI Photo

Jaitley all ears to Revenue Secretary

Union Finance Minister Arun Jaitley and Revenue Secretary Hasmukh Adhia (L) at the 22nd meeting of the Goods and Services Tax (GST) council, in New Delhi on Friday. PTI Photo

(With agency inputs)