Live
- MyVoice: Views of our readers 19th April 2024
- Peddireddi touched my feet for DCC post, recalls Kiran
- All politicos must commit to free press
- Risk of Middle East escalation
- 50 families quit YSRCP, join TDP
- Nara Bhuvaneshwari to File Nomination Papers on Behalf of TDP Chief Chandrababu in Kuppam
- Tamil Nadu BJP Chief Announces End Of Dravidian Politics, Foresees BJP Surge
- YS Jagan's Memanta Siddham Bus Yatra begins in Rajapuram, to enter Kakinada by evening
- Not just promises, look for capacity to deliver them
- Sujana Chowdary files papers for Vijayawada West
GST exemption limit doubled to give relief to small businesses
In a bid to give relief to small businesses, the GST Council on Thursday doubled the exemption limit and raised the threshold for availing the composition scheme
GST Council hikes annual turnover for availing composition scheme to Rs 1.5 crore from Rs 1 crore.
New Delhi: In a bid to give relief to small businesses, the GST Council on Thursday doubled the exemption limit and raised the threshold for availing the composition scheme.
The GST Council doubled the GST exemption limit to Rs 20 lakh for north eastern states and Rs 40 lakh for the rest of the country, Finance Minister Arun Jaitley told reporters here.
The scope of the GST Composition Scheme, under which small traders and businesses pay a small tax based on turnover rather than value addition, was raised to Rs 1.5 crore from Rs 1 crore.
The twin move would give relief to micro, small and medium enterprises (MSMEs), he said. The council also allowed Kerala to levy 1 per cent calamity cess on intra-state sales for a period of up to two years.
On including real estate and lottery under the Goods and Services Tax, the council decided for form a seven-member group of ministers after differences of opinion emerged at the meeting, he said.
