Relief for 2 mn small businesses as GST exemption doubled to Rs 40 lakh

Businesses availing GST Composition Scheme to file just one annual return, pay taxes once every quarter

 

In a bid to give relief to small businesses, the GST Council Thursday doubled the limit for exemption from payment of goods and services tax (GST) to Rs 40 lakh and announced that the higher turnover cap of Rs 1.5 crore for availing composition scheme of paying 1 per cent tax will be effective from April 1.

The Council also allowed Kerala to levy a 1 per cent calamity cess on intra-state sale of goods and services for a period of up to two years to mobilise revenues to meet the cost of rehabilitating parts of states that