GST Diwali bonanza: Here are the highlights

Govt's GST relief measures: Highlights

• Traders will pay 1%, manufacturers 2% and restaurants 5% under the composition scheme.
• Refund cheques for July exports will be processed by Oct 10 and refund cheques for August exports will be processed by Oct 18.
• Those who have up to Rs 1.5 crore turnover will file quarterly returns, not monthly returns.
• The limit for turnover in compensation scheme has been raised from Rs 75 lakh to Rs. 1 crore.
• E-wallet for each exporter to be made and notional amount as advance refund will be given. It will be initiated on 1 April 2018.
• The pattern of collection (of GST) is not clear after two months because it was a period of transition.
• Businesses with turnover of up to Rs 1.5 crore have been allowed to file quarterly returns instead of monthly filings
• The threshold for composition scheme in GST has been hiked from Rs 75 lakh to Rs 1 crore
• The government has also revoked GST notification on gems and jewellery. A seperate notification in this regard will be issued later. Bringing forth some more reforms, the government has said that any person buying jewellery worth above Rs 50,000 will not have to furnish PAN card and Aadhaar Card details.
• Entities dealing in gems, jewellery and other high value goods and has an annual turnover of over Rs 2 crore will no longer be under the purview of the money laundering act.