SMEs get relief as GST exemption limit doubled to Rs 40 lakh

SMEs get relief as GST exemption limit doubled to Rs 40 lakh: The Goods and Services Tax (GST) Council has ladled out benefits to medium and small-scale enterprises (MSMEs) with regard to GST exemption and has approved 6 per cent composition scheme for the services sector.

 

The council has increased the GST exemption limit to Rs 20 lakh from Rs 10 lakh for the North-eastern States, and to Rs 40 lakh from Rs 20 lakh for the rest of the country. The council raised the higher turnover cap to Rs 1.5 crore for availing composition scheme of paying 1 per cent tax. It will come into effect on April 1.

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

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