In the coming days, traders will get the registration and refund of automatic GST within 3 days. According to sources, the government can take many decisions on the issue of export promotion in the upcoming GST Council meeting. It includes 18 % GST relief on intermediate registration and refunds in addition to automatic registration and refund. Giving more information on this issue, Alok Priyadarshi of CNBC-Awaaz said that soon export traders may get relief. Businessmen can get gifts on the GST front.
According to information received by sources, automatic GST registration will be started soon. There will be a provision of GST registration within 3 days. According to sources, this facility will be available on monthly invoice generation up to 3-5 lakhs. Apart from this, the facility of automated refund will also be started. Relief is possible for export brokers, agents and bidding portals. Intermediate service can be given GST waiver by giving exporter status.
Significantly, the 56th meeting of the GST Council is going to be held soon. Its agenda is expected to include issues such as rationalizing GST slab rates and decisions on consumers’ request for exemption from GST on health insurance premiums. In this meeting, 12 % tax slab can be abolished and the items involved in it can be transferred to other slabs. If the media reports recently rely, then the 12 % GST has become a “almost consensus” to abolish the GST slab. Explain that this slab contributes very rarely to GST Revenue. The items under 12 per cent slab can be shifted to 5 per cent or 18 per cent slab.