Three months more to get over GST: Pullela Nageswara Rao

These collection was after the filing of returns for the month of July.

The revenue threshold of composition scheme could be raised to "1 crore from '75 lakh now, and a demand to include service providers into the scheme could also be allowed", Abhishek Jain, Tax Partner, EY India, said on the expectation from the GST Council.

As small and medium enterprises (SMEs) and exporters grapple with the implementation of the Goods and Services Tax (GST) and politicians critique the economic slowdown blaming demonetisation and GST implementation, the GST Council is set to meet on Friday.

It was denting the image of the government in the eyes of the people, he said.

It may enable exporters to utilise benefits and incentives derived from foreign trade policy to pay Integrated GST (IGST), push-back of reverse charge mechanism (RCM) among relaxations to ward off growing resentment among indirect taxpayers.

Modi's comments on Wednesday came at a time when the narrative about the economy has turned negative, triggered by the economy's slowest ever expansion in three years during the quarter ended 30 June, and fanned by criticism of his government by former finance minister Yashwant Sinha and former disinvestment minister Arun Shourie.

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A Group of Ministers would also brief the council on GST Network's glitches and improvements. Normally, it is the supplier's obligation to collect taxes from the buyer and pay the government.

In a meeting with the Revenue Secretary in September, exporters had said that an estimated Rs 65,000 crore is locked up in GST refunds. This move was expected to improve cash flows of small exporters.

An India Ratings report believes that transition to the GST regime would significantly affect companies with weak credit profiles because of a short-term liquidity mismatch due to delays in the availability of input tax credit (ITC).

"For a start, we will place our officers in the Klang Valley before extending to the rest of the country in stages, according to the needs and requests from the associations and chambers of commerce", said Subromaniam.

Exporters can expect to receive some good news after the GST Council meeting scheduled tomorrow.

Moreover, officials also informed that easy compliance for exporters is expected to be discussed by the GST Council in the meeting tomorrow.

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