Prime Minister Narendra Modi has said that decisions of the GST Council relating to small businesses will greatly help Micro, Small and Medium Enterprises, traders and the service sector.
The GST Council, headed by Finance Minister ArunJaitley, at its meeting in New Delhi yesterday doubled the GST exemption limit to give relief to small businesses.
It raised the exemption limit to 20 lakh rupees for northeastern states and 40 lakh rupees for the rest of the country. The Council also decided that the GST Composition Scheme, under which small traders and businesses pay one per cent tax based on turnover, can be availed by businesses with a turnover of 1 crore 50 lakh, against the earlier 1 crore rupees, with effect from 1st April.
In a tweet, Mr Modi lauded the decisions taken by the GST Council and said that the government is committed to a simple and people-friendly GST.