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GST Council raises threshold for composition to Rs 1cr
06
Oct '17
Indian finance minister Arun Jaitley (left) chairing the 22nd GST Council meeting. MoS for finance Shiv Pratap Shukla is also seen. Courtesy: PIB
Indian finance minister Arun Jaitley (left) chairing the 22nd GST Council meeting. MoS for finance Shiv Pratap Shukla is also seen. Courtesy: PIB
The Goods and Services Tax (GST) Council met today in New Delhi and took stock of the implementation of GST in the three months since it has been introduced. At its 22nd meeting, the Council increased the threshold for composition scheme in GST from Rs 75 lakh to Rs 1 crore. This step is expected to reduce compliance burden on medium and small taxpayers.

Traders and manufacturers opting for the composition scheme have to pay 1 per cent and 2 per cent tax respectively without going through tedious formalities. So far, more than 15 lakh out of the 90 lakh registered businesses have for the composition scheme.

The Council also took a decision to allow small and medium enterprises (SMEs) with turnover of up to Rs 1.5 crore to file quarterly returns instead of filing them every month. (RKS)

Fibre2Fashion News Desk – India


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