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Relief to small businesses GST exemption limit doubled
Posted Date:-1/11/2019 11:04:14 AM

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Small traders got relief from goods and services tax (GST). Council decided to increase the business limit of GST. Union Finance Minister Arun Jaitley has announced that the present limit has been increased from Rs 20 lakh to Rs 40 lakh.The limit under the Composition Scheme has been raised from Rs 1 crore to Rs 1.5 crore. The GST council held the 32nd meeting on Thursday. It has taken several key decissions to benefit small and medium-sized industrial dealers.
 
Under the composition scheme, merchants pay taxes every three months. But returns should be filed only once a year. The limit of composition scheme has been increased by Rs.1.5 It will be applicable from April 1, 2019. The tax increase limit of small and medium traders is up to Rs 40 lakh on an annual turnover of more than Rs 20 lakhs. Jaitley said, we are allowing Kerala to impose a percentage of inter-state sales for two years. GST has been simplified by organising regular meetings without paying tax on people.

 




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