Finance Minister Arun Jaitley is chairing the Goods and Services Tax, GST, council meeting in New Delhi. GST council is likely to assess the improvements in the GST Network’s functioning. It may also decide on providing some relief to exporters in terms of faster refunds as well as compliance.
With over 33 lakh businesses filing the final GSTR-1 return, the GoM has tasked GSTN to send reminder text messages to the remaining 20 lakh businesses which are yet to submit the tax forms.
Besides, the committee set up under Revenue Secretary Hasmukh Adhia on issues faced by exporters, is likely to submit its preliminary report to the Council. Based on that the Council is likely to recommend some relaxation for exporters so that their working capital which is locked up in refunds is released.
Prime Minister Narendra Modi, while defending his government’s track record in managing the economy, on Wednesday said that both demonetisation and the implementation of GST were structural reforms.