India eases tax rules for small businesses, exporters

Source : REUTERS
Last Updated: Fri, Oct 06, 2017 20:40 hrs

NEW DELHI, Oct 6 (Reuters) - India's Finance Minister Arun Jaitley said on Friday that the rules for small businesses and exporters would be eased under the Goods and Services Tax (GST), a move that could provide relief to thousands of small firms.

Small businesses would be allowed to file tax returns once a quarter instead of monthly returns, Jaitley said following a meeting of the GST council.

GST, which was launched in July, is a landmark reform which turned India's 29 states into a single market for the first time.

But small and medium-sized enterprises, crucial to Prime Minister Narendra Modi's plans to create millions more of jobs, have been hurt by the massive tax overhaul that added layers of extra bureaucracy for firms and hit exports. (Reporting by Nigam Prusty and Manoj Kumar; Editing by Malini Menon)