<!– /11440465/Dna_Article_Middle_300x250_BTF –>Goods and Services Tax (GST) on many items will soon be reduced from 18% to 12%, feels top office-bearers of Gujarat Chamber of Commerce and Industry (GCCI) after meeting Union Finance Minister Arun Jaitley in New Delhi on Monday.There could be announcement on simplification in matters related to tax refunds, particularly to exporters, advance ruling mechanism, filing of tax returns as well as other key aspects that have been troubling the businessmen and tax practitioners for about four months now ever since the GST was rolled out on July 1.As the protest with regard to filing of GST returns and meeting the compliance requirements intensified in Gujarat, a delegation of GCCI met Finance Minister in Delhi to apprise him of the hardships.”We apprised him about the bottlenecks in filing of returns as well as complications in meeting the compliance requirements under the law. The Minister seemed to agree with us and gave indications that things would be ironed out soon,”said Shailesh Patwari, president of GCCI and the leader of the delegation.”The Minister said that since the law is new, it would take some time to sort out things. We also said that the government should not hurry on penal provisions and let businessmen adapt to the new system,” said Patwari.The new tax, and the manner of execution, has made businessmen angry. With Assembly elections due in December, the government is also trying to mollify small businessmen, who have been one of the most loyal supporter of the BJP. Their anger is likely to be a major embarrassment for the BJP government just ahead of the elections.

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GCCI delegation hopeful after meeting Arun Jaitley