For the full list of revised rates on 27 goods and 12 services, click here.

SUMMARY

* Exporters to get IGST relief for 6 months

* SMEs with annual turnover of Rs 1.5 crore will be allowed to file quarterly returns

* E-wallet gateway will be developed and introduced after six months

* Group of Ministers to decide on bringing down the rate for AC restaurants to 12 percent

* Reverse charge mechanism suspended till March 2018

22:34 The Prime Minister has just tweeted about the changes to the GST regime. Here’s a summary:

Good and Simple Tax (GST) becomes even simpler. Today’s recommendations will immensely help small and medium business.

I congratulate FM Arun Jaitley & his team for engaging with various stakeholders for extensive feedback which led to today's recommendations

Composition scheme has been made more attractive & other facilitation measures will make the GST even more people-friendly & effective.

GST is in line with our constant endeavour to ensure interests of our citizens are safeguarded & India’s economy grows.

21:38 For the full story on the decisions taken by the GST Council at today's meeting, click here.

21:16 The GST Council will next meet on November 9 and 10 in Guwahati.

21:02 In all, rates have been revised for 26 items including sliced mango (12 to 5%), khakra chapati (12% to 5%), ICDS food packages (5% from 18%), unbranded namkeen (5%), unbranded ayurvedic medicine (12 to 5%), plastic waste (18 to 5%), rubber waste (18 to 5%), paper waste (5 from 12%), man-made yarn (12%).

20:46 That's a wrap from the press conference. The big takeaway is relief for small businesses and exporters.

20:42 Jaitley says that petroleum products remain outside the ambit of GST.

20:38 Revenue secretary Hasmukh Adhia says that 90 percent of the taxpayers will file quarterly returns and pay tax every three months as well.

20:35 Jaitley says the GST rate on many job work items has been reduced to 5 percent from 12 percent.

20:32 Jaitley is now reading out the list of items on which GST rates have been reduced. Among them, the rate on unbranded ayurvedic medicines has been reduced to 5% from 12%.

20:30 A group of ministers has been set up to decide on turnover calculation mechanism and its report is due in two weeks.

20:27 The reverse charge mechanism has been suspended till March 2018.

20:24 Businesses with turnover above Rs 1.5 crore to continue filing monthly returns.

20:23 The composition scheme net has been widened to taxpayers with turnover up to Rs 1 crore from the earlier limit of Rs 75 lakh.

20:22 He adds that 2% tax will be applicable on manufacturing companies under composition scheme while 5% tax will be applicable on restaurants under the same scheme.

20:20 Jaitley says that 1% tax will be applicable on traders under the composition scheme.

20:19 The Council studied representations that compliance burden on small taxpayers was heavy, says Jaitley.

20:17 Jaitley confirms that those SMEs with an annual turnover of up to Rs 1.5 crore can file quarterly returns instead of the currently monthly filings.

20:14 The government will deposit a notional amount as advance refund in the e-wallets for exporters.

20:12 For July exports, refund cheques will be processed by October 10 and for August exports, refund cheques will be processed by October 18.

20:09 Jaitley is now talking about the introduction of an e-wallet, which he says should become a reality by April 1 next year.

20:08 Electronic refund mechanism for exporters will take some time, says Jaitley.

20:07 Not possible to comment on pattern of GST collection as it is a transition phase, says the Finance Minister.

20:06 He says SMEs and exports were two key issues.

20:04 Jaitley says the Council took stock of the implementation of GST in the three months since it has been introduced.

20:02 The press conference has now begun.

19:56 Drabu says the Council has very consciously avoided giving exemptions under GST.

19:48 Haseeb Drabu J&K FM says reducing tax on AC restaurants to 12% with no ITC has been discussed.

19:43 Jammu and Kashmir Finance Minister Haseeb Drabusays there is a possibility that the GST Council may look at other modalities instead of e-wallet.

19:38 We're now hearing that the GST Council meeting has ended and Finance Minister Arun Jaitley may speak shortly.

19:27 Bihar deputy chief minister Sushil Kumar Modi says SMEs with annual turnover of Rs 1.5 crore will be allowed to file quarterly returns.

19:20 Yarn, clips and pins have been brought down to the 5 percent slab.

19:18 Kerala Finance Minister Thomas Isaac says the GST Council has in-principle decided to bring down the rate for AC restaurants to 12 percent and a Group of Ministers will decide on the mechanism.

19:15 Godinho says two decisions taken at the meeting will require amendments to the law and the Council will next meet in November in Guwahati.

19:12 GST of gas stove and consumer articles cut from the current 28 percent, says GST Council member Mauvin Godinho.

19:10 The Kerala Finance Minister says e-wallet gateway will be developed and introduced after six months.

19:08 Exporters to get IGST relief for 6 months, says Isaac.

19:05 Kerala Finance Minister Thomas Isaac says a large number of rate reductions have taken place, including in the 28 percent tax slab.

19:00 Sources are telling CNBC-TV18 that a group of ministers has been set up to examine key rate cut issues in restaurants.

18:50 The Andhra Pradesh Finance Minister says many states requested for quarterly returns filing for small businesses.

18:40 Meanwhile, SEBI has announced reforms for Mutual Funds. Track the latest here.

18:28 An exclusive from CNBC Awaaz, which reports that a PAN card will not be needed for jewellery purchases above Rs 50,000.

18:20 Sources also say that the GST rate on some handicraft items may be cut to 5 percent from 12 percent.

18:10 CNBC-TV18, quoting sources, says the GST Council has decided to roll out the e-way bill from April.

18:00 Telangana Finance Minister says yet to take a decision on reducing VAT on petrol and diesel.

17:55 The rate cuts, if announced today, will help boost household spending just in time for the pre-Diwali buying season.

17:50 Telangana Finance Minister says composition scheme threshold likely to be raised to Rs 1 crore to 1.5 crore; expect full consensus on it.

17:45 Among various challenges, small and medium businesses have been particularly hit due to higher compliance burden owing to complex monthly return filing and glitches in the information technology (IT) portal GST Network (GSTN).

17:35 “Businesses are getting affected by RCM. Registered taxpayers are not willing to take the burden of paying tax, while small or unregistered taxpayers are running out of business if registered dealers are not buying goods from them,” the official said.

“There could be a decision towards deferring RCM for at least some time,” the official said.

17:25 In addition, the Council may also defer the reverse charge mechanism (RCM), that has been especially bothering the small tax payers, the first official said.

Reverse charge is a mechanism where the recipient of the good or service will have to pay GST, which is otherwise paid by the supplier. The charge is applicable on a registered dealer, if he buys goods from a dealer not registered under GST. However, the receiver of the good is eligible for input tax credit, while the unregistered dealer is not.

17:15 “If the Council approves, registration for the composition scheme will be open till March 31, 2018. The annual turnover for businesses opting for the scheme may be increased up to Rs 1 crore,” another official said.

17:05 The Council may reopen registration for composition scheme for the third time. The scheme is an alternate method of taxation, which allows small businesses with annual turnover up to Rs 75 lakhs, to pay tax at a concessional rate, as well as reduce the compliance cost. The enrollment into the plan is however, optional.

16:55 Currently, regular businesses have to file three monthly returns, in addition to one annual return.

A total of 68.2 lakh taxpayers were required to file returns for the month of August, out of which, 37.63 lakh assessees filed returns, as on September 25, which was surprisingly lesser than the 38.38 lakh returns have been filed in July, the first month of the indirect tax reform.

16:45 "There could be a change in return filing cycle for small tax payers. A quarterly return filing could be implemented for small businesses," a senior government official told Moneycontrol.

However, what could be a business' annual turnover cut off for it to be called a small taxpayer, will be decided by the Council on Friday, the official said.

16:40 The government also plans to introduce slew of measures to reduce compliance burden for small taxpayers struggling under the country's new indirect tax system, GST that was rolled out from July 1.

The Council may consider relaxing return filing timeline for small and medium enterprises (SMEs), defer reverse charge mechanism, and reopen registration for composition scheme for the third time to March 31, 2018 and hasten tax refunds for exporters battling cash crunch.

16:30 Restaurants, cab services among 60 items for which rates are likely to be cut.

16:20 The rate cuts, if announced on Friday, will help boost household spending just in time for the pre-Diwali buying season.

GST has a four broad slab structure – 5, 12, 18 and 28 percent – along with a cess on luxury and demerit goods such as tobacco, pan masala and aerated drinks.

16:15 The full fledged meeting of the Goods and Services Tax (GST) Council is also likely to assess the improvements in theGST Network's functioning, officials said. This will be the 22nd meeting of the Council.

16:10 According to an official, who did not wish to be identified, the Centre is going to propose GST rate cuts in many items that fall in the highest tax bracket of 28 percent.

Besides, the GST rates on several goods and services may be cut from 18 to 12 percent.

16:05 Prime Minister Narendra Modi brainstormed for over three hours with Jaitley and BJP president Amit Shah on Thursday, taking stock of the current state of the Indian economy that is smarting under an untidy goods and services tax (GST) rollout and the lingering effects of demonetisation.

About 60 goods and services are likely to get cheaper, with Finance Minister Arun Jaitley expected to push for big tax rate cuts in the GST Council meeting on Friday as part of a broader strategy to help the economy claw out of a three-year growth slump.