From the Editors Desk  
Editorial
Three months have passed after GST implementation. Uproars in the market indicate that GST has been brought in a haphazard manner without testing the complete network. Normally politicians and bureaucrats never accept any wrongdoing but GST council has realised its own mistakes and simplified some of its own decision in the 22nd meeting which held on 6th October 2017 and also assured that further modification will be done as and when required seeing the market condition. The major relief which GST council has given that filing of return quarterly instead of monthly for the companies with turnover of 1.5 crores besides other measures. About 90 per cent of the taxpayers will be benefited by this change. The another relief which is beneficial for the industry is that enhancement of threshold for composition scheme from Rs 75 lakh to Rs 1 crore for businesses to avail of the composition scheme that allows to pay 1-5 per cent tax without going through tedious formalities. These two broad measures to the GST Acts would provide a lot of relief to the industry as our industry is largely comprising of small and medium enterprises. The Council has also assured that faster processing of refunds for exporters, which would address their liquidity issues and improve business efficiencies. These initiatives have largely been appreciated by the industry as well as critics.  
It also shows that Government is open for modifications to the GST Acts in accordance with market sentiment. I consider this as good sign from the Government side and hope that GST will be implemented in letter and spirit.  

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