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NEW DELHI: In a big boost to the small businesses, Union finance minister Arun Jaitley on Thursday doubled the annual turnover exemption limit under GST to Rs 40 lakh. Currently, firms with an annual turnover of up to Rs 20 lakh are exempted from registration.

The finance minister said that the annual turnover for availing composition scheme has been increased to Rs 1.5 crore from Rs 1 crore, effective from April 1, 2019.

Businesses under the scheme will now pay tax on a quarterly basis but the returns will be filed annually, Jaitley added. He also stated that the council has approved composition scheme for the services sector. The GST council is headed by the finance minister.

For Kerala, the finance minister said that the state is now entitled to intra-state trade and can impose a cess of maximum 1 per cent for a period of two years.

Published On : 10-01-2019

Source : Economic Times

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