Government gives big relief to traders, less than 40 Lakh on turnover will not liable to GST Pay
The 32nd meeting of the Goods and Services Tax (GST) Council headed by Finance Minister Arun Jaitley has ended. There is a consensus on providing relief to small businessmen in the meeting. For the merchants, the limit of composition scheme has been increased from Rs. 1 crore to Rs. 1.5 crore. Understanding the easy language, the producer with turnover of 1.5 crore rupees will now get the benefit of this scheme. Companies that take advantage of GST Composition Scheme will have to file only one annual return, while tax payments will be made once in every quarter. This new rule will be applicable from 1st April this year.
GST Council has increased the scope of GST. Now traders who make up to 20 lakh rupees were in the realm of GST but now they will be in the realm of 40 lakh turnover GST. In the small states including the North-East, the limit which was 10 lakhs has been reduced to 20 lakh rupees. In this way many small businessmen will be out of the realm of GST. Now these small businessmen will not have the hassles of GST registration.