GST exemption limit doubled to give relief to small businesses
Team Udayavani, Jan 10, 2019, 10:54 AM IST
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.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Markets rebound in early trade amid global rally, buying in ICICI Bank and Reliance
Elon Musk in Beijing amid efforts to promote Tesla’s autonomous driving tech
Corporate earnings, US Fed interest rate decision to drive markets in holiday-shortened week: Analysts
Pune court asks police to probe bribery allegations against IT major Cognizant
Patanjali Foods to evaluate proposal to buy Patanjali Ayurved’s non-food business
MUST WATCH
Latest Additions
Karnataka MGNREGA workers with wages from Modi government, demands Congress
Grisly discovery: Security guards of Cooperative bank murdered in Kerala
T20 World Cup: NZ squad announced; Ravindra, Henry first-timers in Williamson-led team
Markets rebound in early trade amid global rally, buying in ICICI Bank and Reliance
This party wants to be voice of ‘mard’ in LS polls