GST Council in its meeting on Friday is likely to provide some relief to exporters in terms of faster refunds as well as compliance.
The full fledged meeting of the Goods and Services Tax Council is also likely to assess the improvements in the GST Network’s (GSTN) functioning, officials said. This will be the 22nd meeting of the Council.
The government revoked the GST notification on gems and jewelry, and a separate notification will be issued separately after due consideration.
After the GST roll out in July, the government had notified in August that the Prevention of Money Laundering Act (PMLA) will be applicable on the jewelry industry. Under that notification, any sale of gold above Rs 50,000 required customers to furnish Know Your Customer (KYC) documents to the jeweler and also file certain returns, which was feared to have an adverse impact on sale of gold jewelry.
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