Monday, September 28 2020

August 25, 2020

GST exemptions with annual turnover of up to Rs 40 lakh

New Delhi – Now businesses with up to Rs 40 lakh turnover per annum were exempted from GST, a move that could provide huge relief to traders and businesses. The GST exemption limit was Rs 20 lakh before.Additionally, those with a

turnover  up to Rs 1.5 crore can opt for the Composition Scheme and pay only 1% tax.All processes in tax have been fully automated and till now 50 crore returns have been filed online. Finance Ministry said that the taxpayer base has almost doubled since the rollout of GST.131 crore e-way bills have been generated since the launch of the system, of which about 40 per cent are for the inter-state transport of goods.