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Thursday, Aug 22, 2019

GST exemption limit doubled for small businesses

On including real estate and lottery under the Goods and Services Tax, the GST council decided for form a seven-member group of ministers.

business Updated: Jan 10, 2019 16:18 IST
Press Trust of India
Press Trust of India
New Delhi
Finance minister Arun Jaitley said the GST council also allowed Kerala to levy 1 per cent calamity cess  for two years.
Finance minister Arun Jaitley said the GST council also allowed Kerala to levy 1 per cent calamity cess for two years.
         

In a bid to give relief to small businesses, the GST Council 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.

First Published: Jan 10, 2019 16:04 IST

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