Stung by slowdown, Centre starts reining in GST damage

The Narendra Modi government is starting to carry out course-correction measures aimed at plugging the adverse effects of its fight against black money and a hastily-implemented goods and services tax  (GST) regime.

On Friday, the GST Council rolled back some of the tax regime’s key provisions to provide relief to small businesses and exporters. It also  reduced tax rates on more than two dozen items.

In addition to these two changes, the Centre also withdrew a crucial identification requirement for jewellery purchases of over Rs 50,000.
 

In August this year, the Modi government extended provisions of the Prevention of Money Laundering Act