InvestorQ : What does the change in the GST exemption limit mean for small businesses?
Katherine Gonsalves made post

What does the change in the GST exemption limit mean for small businesses?

Answer
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rhea Babu answered.
2 months ago


Here are some of the highlights of the recent announcements made by the Ministry of Finance pertaining to the levy of GST.

· Effectively immediately, business with annual turnover of up to Rs.40 lakh will be exempt from paying GST.

· Now the Composition Scheme for select industries where flat 1% tax can be paid, that limit has been increased to Rs.1.50 crore per year.

· Taxpayer base of GST had doubled in the last 3 years from 65 lakhs on inception to 1.24 crore at the current point of time.

· Government had given significant relief to construction and housing sector with GST rates placed at just 5% and just 1% on affordable housing.

· Now businesses can get GST registration in just 3 days with Aadhaar authentication at the time of filing for GST registration.