After the meeting of the GST conference, small traders and jewelers have given relief. GST conference Now traders with turnover up to Rs 1.5 crore have now been relieved from paying the compulsory return every month. Now these traders have to file this return every three months. According to Finance Minister Arun Jaitley, this decision will provide relief to around 90% small businessmen. Gems and jewelery has been excluded from GST notification. Now a new notification will be brought to it. The government has excluded the annual turnover of more than two crore dajams, jewelery and other high value goods businesses from the purview of the Prevention of Money Laundering Act (PMLA). Besides this, The purchaser of cash jewelery over 50,000 will not have to pay a pen card or support card. The government will issue a new limit in the coming days.
Meanwhile, the GST Council, which gave relief to the exporters, decided that e-wallets will be made for all exporters from April 1, 2018, to refund the claims made by exporters.
Sushil Modi, head of the Group of Ministers, who has made the technical problems in GST, tweeted and tweeted. After completion of the meeting, Sushil Modi tweeted that under the compounding scheme, the limit of 75 lakh turnover has been increased to 1 crore. Those traders can deposit a one-time tax on the total sales for 3 months.
It has been decided to constitute a 5 member ministerial group to provide the right to the sale of goods to the compounding dealers and input subsidy in other states. Sushil Modi has written in a tweet that the system of reverse charge has been postponed till March 31 next year. Earlier, registered taxpayers had to pay tax on buying goods near unregistered merchants. It has now been relieved till March 31.
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GST Diwali Bonanza: Relief for Small Business Owners, Exporters, Jewelers
4/ 5Bhavesh Chothani