Indian industry has welcomed the outcome of the GST Council meet and said the decisions will improve compliance and provide much needed relief to the taxpayers. <br/><br/>CII Director General Chandrajit Banerjee said that the Small and Medium Enterprises sector compliance will greatly improve as limit for composition scheme has been increased to 1 crore rupees. Mr Banerjee also welcomed the deferment of Reverse Charge Mechanism and said it will encourage registered taxpayers to continue sourcing from small and unregistered taxpayers.'<br/><br/>Federation of Indian Export Organisations (FIEO) also hailed the GST Council's initiatives, including the introduction of e-wallet. FIEO President Ganesh Kumar Gupta said the initiatives will address the problem of the exporters particularly micro and small segments.

India Inc today welcomed the outcome of the GST Council meet and said the decisions will improve compliance and provide much needed relief to the taxpayers.<br/>'<br/>CII Director General Chandrajit Banerjee said in New Delhi today that the Small and Medium Enterprises sector compliance will greatly improve as limit for composition scheme has been increased to Rs 1 crore. Banerjee further commented that deferment of Reverse Charge Mechanism is welcome as it encourages registered taxpayers to continue sourcing from small and unregistered taxpayers.'<br/>'<br/>Exporters body FIEO's President Ganesh Kumar Gupta said<br/>that the initiatives will address the problem of the exporters particularly micro and small segments.<br/><br/>Federation of Indian Export Organisations FIEOhas also hailed the GST Council's initiatives, including introduction of e-wallet, would bring relief to traders.<br/>'<br/>