NEW DELHI (Reuters) - India will exempt small businesses with annual sales of up to 4 million rupees ($56,701) from paying taxes under a national sales tax, finance minister Arun 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.
Arun 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)
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