GST Council Meeting Key Points Summary on 06th October 2017: The GST council today announced major cuts in taxes of various items and announced various measures to support exporters and small businesses. "It's almost three months since GST roll out returns have been filed for first two months as well. So it was a time to deliberate on its effect on various trades and the transition," Finance Minister Arun Jaitley said in a press briefing after the meeting of GST Council.

Below are Govt's GST Highlights of today's meeting:

• Major relief to small traders Compliance burden of medium and small taxpayers in GST being cut; eligibility of composition scheme raised to Rs 1 crore.
• Those who have turnover up to Rs 1.5 crore will file quarterly returns, not monthly returns.
• Refund cheques for July exports will be processed by Oct 10 and refund cheques for August exports will be processed by Oct 18.
• 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 council will try to implement the e-way bill by April 1, 2018.
• Traderswill pay 1%, manufacturers 2% and restaurants 5% under the composition scheme.
• Inter-state supply of services exempted up to 20 lacs
• Reverse charge mechanism under sub section (4) of section 9 of CGST ACT, 2017 and under sub-section (4) of section 5 if IGST Act shall be suspended till 31.03.2018 and will be reviewed by committee of experts.
• GSTrate on 27 items reduced.
• Meanwhile, the FM said that the GST Council has decided to revise tax of many items including sliced mango (12 to 5%), khakra chapati (12 to 5%), ICDS food packages (5 from 18%), unbranded namkeen (5%), unbranded ayurvedi medicine (12 to 5%), plastice waster (18 to 5%), rubber waste (18 to 5%), paper waste (5 from 12%), man made yard (12%) etc.
• Restaurant Tax reduced to 12% from 18% In total, rates have been revised for 27 items. Service providers with revenue below Rs 20 lakh have been exempted from iGST as well.