Businesses with annual turnover of up to Rs 40 lakhs are GST exempt: Finance Ministry

The Ministry of Finance on Monday said that businesses with an annual turnover of up to Rs 40 lakhs are exempt from GST and those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only one percent tax.

Earlier, the GST exemption limit was Rs 20 lakh, the ministry said.
In a series of tweets, the Ministry of Finance announced that since GST's implementation, the tax rate on a number of items has been brought, noting that "28 percent rate is almost solely restricted to sin and luxury items".
"Significant relief has been extended to the construction sector, particularly the housing sector. It has now been placed at the 5% rate. GST on affordable housing has been reduced to 1%," it further added.

Also read: Google launches ‘Kormo Jobs’ – an app to help job seekers in India

"The taxpayer base has almost doubled since the rollout of GST. The numbers of assessee covered by the GST at the time of its inception were about 65 lakh. Now the assessee base exceeds 1.24 crore. All processes in GST have been fully automated," the Ministry of Finance informed in a statement

Businesses to get GST registration within 3 days with Aadhaar authentication:
Businesses that will provide Aadhaar number while applying for registration under the Goods and Services Tax will get the approval in three working days. The Central Board of Indirect Taxes and Customs (CBIC) last week notified Aadhaar authentication for GST registration with effect from August 21, 2020.

The move comes as another relief for businesses across the country, which are dealing with the adverse effects of the coronavirus pandemic. Earlier, the Central government had also announced an economic package to revive the economy.

Readers like you make Inside Northeast’s work possible

To support our brand of fearless and investigative journalism, support us HERE.

Download:

The Inside Northeast app HERE for News, Views, and Reviews from Northeast India.

Do keep following us for news on-the-go. We deliver the Northeast.