Arun Jaitley announces doubling of tax exemption limit for small businesses
New Delhi, Jan 10 (IBNS): In a bid to woo a certain section of the people ahead of the 2019 General Elections, the central government on Thursday announced a doubling of tax exemption limit for all small businesses, media reports said.
Union finance minister Arun Jaitley announced that small businesses with an annual sale of Rs. 40 lakh will now be exempted from Goods and Services Tax (GST).
Earlier the tax exemption limit was Rs. 20 lakh.
Jaitley also said the states can now opt out of the GST regime as well as they will have discretion to opt up.
He has been quoted by Business Times, "The states will have the discretion to opt up or opt down the exemption limit. They will have to inform the Secretariat within a week if they wish changes in their exemption limit."
Following the announcement, union textiles minsiter Smriti Irani tweeted, "Thankful to PM @narendramodi ji, FM @arunjaitley ji & GST council for increasing exemption limit for MSMEs to Rs. 40 lakh of annual turnover. Doubling of exemption limit will foster growth and provide more opportunities to all SME manufacturers and traders in textiles sector."
Thankful to PM @narendramodi ji, FM @arunjaitley ji & GST council for increasing exemption limit for MSMEs to Rs. 40 lakh of annual turnover. Doubling of exemption limit will foster growth and provide more opportunities to all SME manufacturers and traders in textiles sector.
— Smriti Z Irani (@smritiirani) January 10, 2019
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