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India doubles tax exemption limit for small businesses: Arun Jaitley

Reuters  |  NEW DELHI 

(Reuters) - will exempt small businesses with annual sales of up to 4 million rupees ($56,701) from paying taxes under a national sales tax, minister Jaitley said on Thursday, a move aimed at wooing a key voting group ahead of a national election.

Currently, firms with an annual turnover of up to 2 million rupees are exempted from registration under a unified national goods and service tax launched in 2017.

Jaitley said the small companies would have the option to opt out of the GST tax net.

($1 = 70.5450 Indian rupees)

(Reporting by Aftab Ahmed and Manoj Kumar; Editing by Krishna N. Das)

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

First Published: Thu, January 10 2019. 15:25 IST
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