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Major Changes To GST To Help Small Companies, Exporters

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The GST Council in its 22nd meeting today announced a slew of relief for exporters, some of whom are facing working capital squeeze due to delayed tax refund. Finance Minister Arun Jaitley, who heads the Council, said that the refunds for exporters will be expedited. For July, refund cheques of exporters will be processed by October 10 and for August exports by October 18. Mr Jaitley also said that an electronic wallet (e-Wallet) will be set up by April, 2018 for refunds to exporters. Exporters will get a notional advance amount in their e-Wallets and it will be later offset with tax refunds.

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