GST Council recommends changes to ease burden of small and medium businesses
The revenue threshold, for availing the benefit of the composition scheme, has been raised to Rs 1 crore from Rs 75 lakh.
Businesses with a turnover of up to Rs 1.5 crore have been allowed to file returns on a quarterly basis. Earlier, they were required to file it monthly.
However, traders with a turnover of over Rs 1.5 crore will comply with GST norms as before where they will be filing returns monthly.
The Council has said that refund for July’s tax assesses will be available from October 10, while refund cheques will be given to August assesses from October 18.
The Council also cut rates on 27 products, including man-made yarn, which was a key demand of the textiles sector, media reported. Tax rate on rotis and khakra, savouries, and ayurvedic and homoeopathic medicines was also reduced.
Tweeted Arun Jaitley, "The recommendations made by 22nd #GSTCouncil would help traders across the country."
However, the Congress has criticised the BJP government saying it has botched the GST regime, which has resulted in price rise.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
