The GST council on Friday announced major cuts in taxes on various items and gave a variety of measures to support exporters and small businesses. The Council meeting came as a major relief for traders and exporters on multiple points. An e-wallet will be created for every exporter where a notional amount will be given in advance. For small businesses, it has been decided to increase the limit of composition scheme to RS 1 crore. So now the small business can now file returns on a quarterly basis. This has been done to increase compliance. Under this, restaurant businesses will pay GST at 5% rate, traders will pay 1% while manufacturing composition will be 2%.