International

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New Delhi: The Finance Minister Arun Jaitley spoke after the 22nd GST council meeting on Friday.
Here are important things Arun Jaitley said after the GST council meet:

GST on unbranded ayurvedic medicines to reduced from 12% to 5%: FM Arun Jaitley
Members wanted to revisit tax structure of restaurants with more than Rs 1 Cr turnover, will be reviewed: Finance Minister
Man made yarn was taxed 18%, it has been put in 12% slab, will have effect on textiles: FM Jaitley
Traders to pay 1%, manufacturers 2% & restaurants 5% under composition scheme: FM Jaitley
90% of the assesses who have turnover less than Rs 1.5 Cr turnover to file quarterly returns: Finance Minister Arun Jaitley
Refund cheques for July exports, will be processed by 10 Oct & refund cheques for Aug exports, will be processed by 18 Oct: FM
Pattern of collection (of GST) is not clear after two months because it was a period of transition: FM Jaitley
E-wallet for each exporter to be made & notional amount as advance refund will be given; will be initiated on 1 April 2018: FM Jaitley
There has been blockage in credit of exporters which affects their cash liquidity: FM Jaitley
The limit for turnover in compensation scheme raised from Rs.75 lakh to Rs. 1 crore: FM Arun Jaitley
Meanwhile, Vice President M Venkaiah Naidu on Friday said the political debate on GST should carry on and the government of the day would examine the positive and critical points in the discussions and take "corrective measures".
Consultations on the economy and the Goods and Services Tax regime were good for democracy, Naidu said while addressing the International Conference on Technological Advancements in Railway and Metro Projects.

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