As the 22nd meeting of the GST council, chaired by Arun Jaitley is underway, many are expecting some major announcements ahead of the festive season.
After months of rolling out the Goods and Services Tax Bill (GST), the government may modify some rules that might cheer the small and medium businesses.
Even the Prime Minister in his recent speech at the Institute of Company Secretaries hinted at some relief under the GST.
While the speculations are rife about what could the government announce, we have listed out 5 major possibilities that can soon become a reality after the council meeting gets over.
Isaac Thomas, finance minister of Kerala, said Money that the government was actively considering relaxing return filing norms for SME by allowing them to file on a quarterly basis instead of every month.
The SME sector has been grappling with working capital issues due to the monthly return filing rule under the GST regime, which requires them to pay taxes upfront and claim a refund later.
The Kerala Finance Minister said that the issues likely to dominate the discussion at Friday's meeting include how to ease the compliance burden of the small and medium enterprise (SME) sector.
The Kerala minister said the Council was also looking at a few measures to address the liquidity issues being faced by exporters. Though, he did not specify in what form the reliefs may come.
Experts believe, the council might enable exporters to utilise benefits and incentives derived from foreign trade policy to pay Integrated GST (IGST), push-back of reverse charge mechanism (RCM) among relaxation to ward off growing resentment among indirect taxpayers.
