Tirupur: Union Finance Minister Arun Jaitley announced today that small businesses with annual turnover up to Rs 40 lakhs are exempted from registering GST.
Tirupur: Union Finance Minister Arun Jaitley announced today that small businesses with annual turnover up to Rs 40 lakhs are exempted from registering GST.
32nd GST Council meeting was held at New Delhi today and the union Minister announced a series of benefits targeting the MSMEs in the country. A release stated that there will be two thresholds of exemption for supplier of goods; Rs 20 lakhs and Rs 40 lakhs from registration and payment of GST. States would have to decide on one of the threshold limits within a week’s time. The Council has also increased the turnover limit of availing the composition scheme for goods to Rs 1.5 crores.
Dr.A.Sakthivel, Vice Chairman, AEPC welcomed the decisions by the council and said that it would be of great help to Tirupur knitwear industry.
32nd GST Council meeting was held at New Delhi today and the union Minister announced a series of benefits targeting the MSMEs in the country. A release stated that there will be two thresholds of exemption for supplier of goods; Rs 20 lakhs and Rs 40 lakhs from registration and payment of GST. States would have to decide on one of the threshold limits within a week’s time. The Council has also increased the turnover limit of availing the composition scheme for goods to Rs 1.5 crores.
Dr.A.Sakthivel, Vice Chairman, AEPC welcomed the decisions by the council and said that it would be of great help to Tirupur knitwear industry.