The authorities Thursday notified April 1 because the date for the implementation of doubling of GST exemption limit to Rs 40 lakh, in order to advantage small and medium firms.
Besides, the powerful date for availing higher turnover cap of Rs 1.Five crore for availing composition scheme through traders has additionally been constant as April 1.
Also, provider providers and providers of each items and offerings with a turnover of up to Rs 50 lakh could be eligible to choose the GST composition scheme and pay a tax of 6 in step with cent from the start of next financial.
These selections had been taken by using the GST Council, chaired by Finance Minister Arun Jaitley and comprising his state counterparts, on January 10. These decisions would come into impact from April 1, a finance ministry statement stated.
"There would be threshold limits for exemption from registration and fee of GST for the Suppliers of Goods i.E. Rs 40 lakhs and Rs 20 lakhs. States might have an option to decide about one of the limits.
"The Threshold for Registration for provider vendors would continue to be Rs 20 lakhs and in case of Special Category States Rs 10 lakhs," it stated.
Also the GST Composition Scheme, below which small buyers and organizations pay a 1 in step with cent tax based totally on turnover, may be availed with the aid of agencies with a turnover of Rs 1.5 crore, in opposition to the sooner Rs 1 crore, with effect from April 1.
EY India Tax Partner Abhishek Jain said implementation of those proposals with especially the better turnover restrict for composition schemes, could resource improving the benefit of doing business for MSMEs.
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