Something went wrong with the connection!
 Breaking News

Committed to simple, people-friendly GST: Modi

Committed to simple, people-friendly GST: Modi
January 11
10:21 2019

NEW DELHI: Prime Minister Narendra Modi Thursday said the GST Council’s decisions relating to small businesses will greatly help MSMEs, traders and the service sector and the government is committed to a simple and people-friendly GST.

“Commendable decisions taken by the GST council, which will greatly help MSMEs, traders and the services sector. We remain committed to a simple and people-friendly GST,” Modi tweeted.

The GST Council, headed by Finance Minister Arun Jaitley and comprising his state counterparts, at its meeting Thursday doubled the exemption threshold for businesses under GST to an annual turnover of Rs 40 lakh.

The council also decided that the GST Composition Scheme, under which small traders and businesses pay 1 per cent tax based on turnover, can be availed by businesses with a turnover of Rs 1.5 crore, against the earlier Rs 1 crore, with effect from April 1.

Also, service providers and suppliers of both goods and services up to a turnover of Rs 50 lakh would be eligible for the composition scheme under the Goods and Services Tax (GST) and pay a tax of 6 per cent.

Under the composition scheme, traders and manufacturers can pay taxes at a concessional rate of 1 per cent, while restaurants pay 5 per cent GST.

There are over 1.17 crore businesses which have registered under the GST, which was rolled out from July 1, 2017. Of these over 18 lakh have opted for the composition scheme.

While a regular GST taxpayer has to pay taxes on a monthly basis, a composition supplier is required to pay taxes quarterly. PTI

Comments

comments

Related Articles

E-paper

ADVERTISEMENT

Star Tours

ADVERTISEMENT

Land Sea Homes

IMPORTANT

Please disable your ad blocker to view this site at it’s best, we do not display spam advertisements (Popups & full Page Ads) or any explicit material.
Advertisements serve as a minor source of income for maintaining the website.
Thanks

Submit Feedback – Website Department 

50 SPIRITUAL APPETIZERS – VINOD DHAWAN

50-ad-Indiapost

It’s a lovely book. It feels energetically clear and light. It’s easy to read, dip in and out and most importantly it offers information without fluff! Blessings on this project.

Jac O’Keeffe
Spirituality teacher based in USA.

*Available on Amazon, Flipkart & other online stores*

Polls

Is 10% quota for economically backwards a gimmick?

View Results

Loading ... Loading ...

Subscribe To Our Mailing List

Enter your email address:

Delivered by FeedBurner

Subscribe to IndiaPost by Email

Follow us on twiter

Facebook





POPULAR CATEGORIES

Download Media Kit