Haryana Chief Minister Manohar Lal has hailed the decision taken by the GST Council to increase the exemption limit of paying Good and Services Tax (GST) on goods from Rs 20 lakh to Rs 40 lakh and also raising this limit from Rs 10 lakh to Rs 20 lakh for North-East and hill states.

The GST council had taken the decision in its 32nd meeting held at New Delhi.

Manohar Lal said the decision will give tremendous boost to small industries and immensely benefit the MSME Sector.

At present, firms with an annual turnover of up to Rs 20 lakh are exempted from registration under the GST. The limit of composition schemes for goods has been raised to Rs 1.5 crore at one per cent GST rate and it would be effective form April 1, 2019, he said.

Published On : 12-01-2019

Source : Daily Pioneer

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