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Union finance minister Arun Jaitley on Thursday said the GST Council has doubled the annual turnover exemption limit for the composition scheme.
The GST Council doubled the GST exemption limit to Rs 20 lakh from 10 lakh for northeastern states and Rs 40 lakh from 20 lakh for the rest of the country.
FM Arun Jaitley after GST meet: Exemption limit for GST for those with a turnover up to 20 lakh has been increased to 40 lakhs. pic.twitter.com/ewrJn1onDy— ANI (@ANI) January 10, 2019
From 1st April 2019, composition scheme limit will be increased to 1.5 crores. Those who come under the composition scheme will pay tax quarterly, but the return will be filed only once a year. Council approved composition scheme for Services.
FM Arun Jaitley after GST meet: Services and goods providers will get the benefit of composition tax https://t.co/Hfy3tDpzIe— ANI (@ANI) January 10, 2019
Jaitley said, "Services and goods providers will get the benefit of composition tax."
It will be a major relief to micro, small and medium enterprises (MSMEs). The move to raise the threshold for GST registration is significant considering that small businesses have been hit by the government’s move to demonetize high-value currency notes in November 2016, business disruption in the early days of GST implementation and a credit squeeze in recent months.