GST Exemption for Businesses With Annual Turnover of up to INR 40 Lakhs


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Comserve Inc.

Aug 28, 2020, 07:06 EST


Bronx, United States, Aug 28, 2020, 07:06 /Comserve / -- According to a series of tweets by the Ministry of Finance, businesses that record an annual turnover of up to INR 40 lakhs are exempt from the Goods and Services Tax (GST).

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India, Aug. 24, 2020 -- According to a series of tweets by the Ministry of Finance, businesses that record an annual turnover of up to INR 40 lakhs are exempt from the Goods and Services Tax (GST). Apart from this, businesses whose turnover is up to INR 1.5 crore have the option of opting for the Composition Scheme and pay only one per cent tax.

The GST exemption limit earlier was INR 20 lakhs, according to the Ministry. According to these tweets, the Ministry also informed that there have been significant reliefs extended in the construction sector. This is mainly seen in the housing sector which has been placed at the 5 percent tax rate. GST on affordable housing has been reduced to 1 percent.

In the following tweet, the Ministry talked about how once GST was implemented, the tax rate on a large number of items was brought down. As of now, the 28 percent tax bracket solely consists of items that are luxurious in nature. It also said that out of a total of 230 items that fall under the 28 percent slab, around 200 items have been shifted to lower slabs.

The Ministry also mentioned that the taxpayer base has almost doubled since the start of GST. At the time of its inception, the number of the assessee that were covered by GST was around 65 lakhs. With time, today the base has exceeded 1.24 crore. Apart from that, all the processes related to GST have been completely automated. To date, 50 crore returns have been filed online. 131 crore e-way bills have been generated too.

This move is expected to provide some relief for the various businesses across the country which have been severely impacted by the coronavirus pandemic. Earlier, the Central Government had even announced an economic stimulus package in order to revive the economy. This was of a value of 20 lakh crore and was executed in five tranches. This package was launched with the intention to give a jump start to the economy.

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