GST: Relief for SMEs, threshold for composition scheme raised
GST
Dated:- 6-10-2017
New Delhi, Oct 6 (PTI) In a relief to small and medium enterprises, the GST Council on Friday raised the turnover threshold to ₹ 1 crore for businesses to avail of the composition scheme that allows them to pay 1-5 per cent tax without going through tedious formalities.
\nWith small businesses and traders complaining about the compliance burden the new Goods and Services Tax (GST) regime has put on them, the panel decided to give option to taxpayers to avail of the so-called Composition Scheme if their turnover is less than ₹ 1 crore as against the previous limit of ₹ 75 lakh.
\nThe GST Council, headed by Finance Minister Arun J<\/p>\n
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