Offering relief to small and medium enterprises (SMEs) and exporters from the rigors of complying with the technology-oriented goods and services tax (GST), the federal indirect tax body, GST Council, on Friday announced a series of rule changes.
The Council also lowered tax rates on 27 products and a few services and asked a panel of state ministers to examine if the 18% GST on air-conditioned restaurants could be lowered, finance minister Arun Jaitley said after the meeting.
The Council decided to continue with two pre-GST era schemes that allow duty-free sourcing of materials for export production till March 2018, a move that will improve the liquidity of exporters by preventing their working capital from getting locked up in tax procedures.
The Council decided to clear all tax refund claims of exporters for July by 10 October and for August by 18 October. It introduced a 0.1% GST rate for merchant exporters, offering relief from the full applicable GST rates on their procurements. Merchant exporters do not manufacture products themselves but procure from others for shipping overseas.
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