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GST exemption limit doubled to give relief to small businesses

Press Trust of India  |  New Delhi 

In a bid to give relief to small businesses, the Thursday doubled the exemption limit and raised the threshold for availing the composition scheme.

The doubled the GST exemption limit to Rs 20 lakh for north eastern states and Rs 40 lakh for the rest of the country, told reporters here.

The scope of the GST Composition Scheme, under which small traders and businesses pay a small tax based on turnover rather than value addition, was raised to Rs 1.5 crore from Rs 1 crore.

The twin move would give relief to micro, small and medium enterprises (MSMEs), he said.

The council also allowed to levy 1 per cent calamity cess on intra-state sales for a period of up to two years.

On including and lottery under the Goods and Services Tax, the council decided for form a seven-member group of ministers after differences of opinion emerged at the meeting, he said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 10 2019. 15:45 IST
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