FreeCurrencyRates.com

इंडियन आवाज़     21 Mar 2019 09:24:04      انڈین آواز
Ad

Govt Doubles GST Exemption Limit for SMEs

Kerala Allowed to Impose 1% Cess for 2 Years.

GST Council doubled GST exemption limit to Rs 20 lakh for north eastern states and Rs 40 lakh for the rest of the country

 

AMN / NEW DELHI

In a bid to lessen the burden on small businesses, the GST Council today 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, said Finance Minister Arun Jaitley.

Speaking to media after a meeting of GST Council in New Delhi, Finance Minister Arun Jaitley said, the scope of GST Composition Scheme, under which small traders and businesses pay a small tax based on turnover rather than value addition is raised to Rs 1.5 crore from Rs 1 crore. Mr Jaitley said the twin move would give relief to micro, small and medium enterprises (MSMEs).

The measures would give relief to micro, small and medium enterprises (MSMEs), he said.

The council also allowed Kerala to impose one per cent cess on intra-state sales for up to 2 years, Jaitley said, in order to help the state rebuild after the worst floods in a century left behind a trail of destruction.

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.

Jaitley last month had said the government was working towards a single national sales tax rate which could be a mid-point between 12 and 18%. The government set the range for GST from 28% to 5% on most items when the reform was introduced last year.

“A future road map could well be to work towards a single standard rate instead of two standard rates of 12 percent and 18 percent. It could be a rate at some mid-point between the two,” Jaitley had said.

He added that the country should look towards having slabs of zero, five percent and a standard rate for luxury and sin goods (alcohol, drugs, cigarettes, etc.

Leave a Reply

Your email address will not be published. Required fields are marked *

Ad

POLITICS

BJP Releases First List: PM Modi to Contest from Varanasi, Amit Shah Gets Advani’s Seat

BJP Releases First List: PM Modi to Contest from Varanasi, Amit Shah Gets Advani's Seat   File ph ...

Cong will not allow Citizenship Amendment Bill in Parliament: Rahul

AMN Congress President Rahul Gandhi has assured the people of the northeast region that the party will not al ...

PM Modi attacks Cong over dynastic politics; Rahul hits back

AMN / NEW DELHI As the elections for the Lok sabha getting momentum, Prime Minister Narendra Modi today launc ...

SPORTS

India wins 368 medals at Special Olympics World Summer Games

  India returned with 368 medals, including 85 gold, at the Special Olympics World Summer Games, held at ...

Global superstars to perform at Closing Ceremony for Special Olympics, Abu Dhabi

    Some of the biggest names in world music will perform at the spectacular Closing Ceremony ...

Prithviraj Tondaiman on course for final in ISSF Shotgun World Cup

  In shooting, India's Prithviraj Tondaiman shot two perfect rounds of 25, to stay on course for the m ...

Ad

MARQUEE

116-year-old Japanese woman is oldest person in world

  AMN A 116-year-old Japanese woman has been honoured as the world's oldest living person by Guinness ...

Centre approves Metro Rail Project for City of Taj Mahal, Agra

6 Elevated and 7 Underground Stations along 14 KmTaj East Gate corridor 14 Stations all elevated along 15.40 ...

CINEMA /TV/ ART

Priyanka Chopra is among world powerful women

AGENCIES   Bollywood actress Priyanka Chopra Jonas has joined international celebrities including Opr ...

Documentary on Menstruation stigma ‘Period’ wins Oscar

  WEB DESK A Netflix documentary Period. End of sentence, on the menstruation taboo in rural India has ...

Ad

@Powered By: Logicsart