[INDIAN ECONOMIC NEWS] Good morning, everyone. I’m Kim suhyeon staff of Kamagroup Pvt. Ltd.
Here I have an important Indian economic news to share with you which is as undermentioned.
The Goods and Services Tax (GST) Council approved a series of measures aimed at benefiting small
businesses, such as a doubling of the exemption threshold to Rs 40 lakh and an increase in the turnover
limit for service providers looking to avail of the low-compliance composition scheme.
“There were several items in today’s meeting that dealt with structure and process… We raised the composition
scheme limit to Rs 1.5 crore then Rs 1 crore,” said Union finance minister.
Arun Jaitley, who also heads the council. “The decision will be applicable after on April 1, 2019.”
While the exemption limit for registration and payment of GST has been raised to Rs 40 lakh then
Rs 20 lakh for suppliers of goods, states would have flexibility to decide on one of those in a week.
The threshold will be doubled to Rs 20 lakhthen Rs 10 lakh in northeastern and hilly states. However,
for service providers it will stay at Rs 20 lakh and Rs 10 lakh in special category states.
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Have a nice day.