GST burden on small businesses eased
- The Council also raised the annual turnover limit under which companies would be exempt from GST to ₹40 lakh for most States and ₹20 lakh for the North Eastern and hill states, from the earlier limit of ₹20 lakh and ₹10 lakh, respectively.
- The limit for eligibility for the Composition Scheme would be raised to an annual turnover of ₹1.5 crore from April 1, 2019. He added that companies opting for the Composition Scheme would be allowed to file annual returns and pay taxes quarterly from April 1.
- The Composition Scheme currently allows companies with an annual turnover of up to ₹1 crore to opt for it, and file returns on a quarterly basis at a nominal rate of 1%. So far, only manufacturers and traders were eligible for this scheme.