GST Council meeting concludes, major relief for MSMEs, small traders

NEW DELHI: The 32nd meeting of the GST Council has started in New Delhi on Thursday. Chaired by Finance Minister Arun Jaitley, the meeting aims to provide relief to small taxpayers.

The turnover limit for businesses availing composition scheme has been raised from Rs 1 crore to Rs 1.5 crore. The composition scheme is also extended to service providers with Rs 50 lakh annual turnover. The composition rate has been kept at 6 per cent, which is lower than the average tax paid under Rs 50 lakh limit.

Also, the returns for those under the composition scheme will have to place file returns only once in a year.

The annual revenue threshold for GST has been raised. Turnover limit for those under Rs 20 lakh bracket has been increased to Rs 40 lakh and for those under Rs 10 lakh has been increased to Rs 20 Lakh.

 

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