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Jaitely Exempt GST Limit to Rs 40 Lac ;Relief to Small Businesses

Jan. 10 Economy Comments

[New Delhi]Jaitely Exempt GST Limit to Rs 40 Lac ;Relief to Small Businesses
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
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)
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
Photo Caption
The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley addressing a press conference on the 32nd GST Council meeting, in New Delhi on January 10, 2019.
The Minister of State for Finance, Shri Shiv Pratap Shukla and the Revenue Secretary, Dr. Ajay Bhushan Pandey are also seen.

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