The Central Government has given a big boost to small traders and has improved their Diwali. The government has increased the time limit for filing returns. Due to the problem of business being followed by the GST and its impact on the economy, the government has approved the demand for return of three months instead of GST Returns, which is giving large relief to small businessmen every month. The compounding limit has been reduced from Rs 75 lakh to 1 crore. Also, the dealer has been allowed to enter quarterly returns. After meeting in GST Council, Finance Minister Arun Jaitley said that the problem was discussed in the meeting of small traders. After which e-wallet arrangements have been started for exporters.
Also, under the compounding scheme, the turnover limit of Rs 75 lakh has been increased to Rs 1 crore. These merchants can now enter the returns of 3 months in total sales of 1 percent. Reverse charge arrangements have also been postponed till March 31 of the following year. At the same time, the government has removed its earlier instructions on gems and jewelery and soon issued new instructions. Thus, after 3 months of applying GST, the government has started an attempt to find out the difficulties facing GST.