GST threshold limit increase to support growth in textile sector

The GST council has also raised the composition scheme turnover threshold from Rs 1 crore to Rs 1.5 crore

The Goods and Services Tax (GST) council in its 32nd meeting held on Thursday doubled the exemption threshold limit of textile players from the existing Rs 2 million to Rs 4 million effective April 1, 2019.

For the north eastern states, the threshold has been doubled to Rs 2 million from Rs 1 million. 

“This decision will help the small and medium sized businesses and will encourage growth in the textiles sector,” said K V Srinivasan, Chairman, The Cotton Textiles Export Promotion Council (Texprocil).

The GST council has also raised the existing composition scheme turnover threshold from Rs 1 crore