Gandhinagar: Gujarat Assembly Passes Major GST Reforms, 3-Day Registration for Small Traders
A bill for major amendments to the GST law of Gujarat has been unanimously passed in the Gujarat Legislative Assembly meeting in Gandhinagar. The main objective of these amendments, made based on the recommendations of the 56th GST Council, is to further promote Ease of Doing Business for trade and industry. Finance Minister Kanubhai Desai introduced the GST Amendment Bill in the Legislative Assembly.
Small traders can now register for GST in just 3 days?
After the reforms, the GST registration process for small traders will become faster and faceless. With the faceless system, arrangements have been made to get GST registration and certificate in just 3 days. This will reduce the time taken by traders to rush to government offices and process.
90% refund to exporters within 7 days
Important provisions have also been made for the export sector. Arrangements have been made to provide 90% provisional refund within 7 days in case of export. This decision is likely to provide relief in the financial needs and cash flow of exporters.
Discount and credit note processing is also easy.
The process related to discounts and credit notes given after sales will be made simpler and more practical. This will ease the accounting and administrative processes related to GST for traders.
The refund limit of Rs. 1,000 will also be removed.
Provision has also been made to remove the limit of Rs. 1,000 applicable for refund of exported goods. This change is likely to provide relief to small exporters as well.
How easy will GST reforms make doing business?
The aim of this entire reform is to make the GST system faster, more transparent and simpler. According to the government, faster registration, timely refunds and simplified credit note processing will further boost Ease of Doing Business for trade and industry.
