22nd GST council meet: Limit for turnover in compensation scheme raised from Rs 75 lakh to Rs 1 crore, says FM Jaitley

New Delhi: The Finance Minister Arun Jaitley spoke after the 22nd GST council meeting on Friday. Here are important things Arun Jaitley said after the GST council meet:

• GST on unbranded ayurvedic medicines to reduced from 12% to 5%: FM Arun Jaitley
• Members wanted to revisit tax structure of restaurants with more than Rs 1 Cr turnover, will be reviewed: Finance Minister
• Man made yarn was taxed 18%, it has been put in 12% slab, will have effect on textiles: FM Jaitley
• Traders to pay 1%, manufacturers 2% & restaurants 5% under composition scheme: FM Jaitley
• 90% of the assesses who have turnover less than Rs 1.5 Cr turnover to file quarterly returns: Finance Minister Arun Jaitley
• Refund cheques for July exports, will be processed by 10 Oct & refund cheques for Aug exports, will be processed by 18 Oct: FM
• Pattern of collection (of GST) is not clear after two months because it was a period of transition: FM Jaitley
• E-wallet for each exporter to be made & notional amount as advance refund will be given; will be initiated on 1 April 2018: FM Jaitley
• There has been blockage in credit of exporters which affects their cash liquidity: FM Jaitley
• The limit for turnover in compensation scheme raised from Rs.75 lakh to Rs. 1 crore: FM Arun Jaitley

Meanwhile, Vice President M Venkaiah Naidu on Friday said the political debate on GST should carry on and the government of the day would examine the positive and critical points in the discussions and take "corrective measures". Consultations on the economy and the Goods and Services Tax regime were good for democracy, Naidu said while addressing the International Conference on Technological Advancements in Railway and Metro Projects. (With inputs from agencies)