Friday, Apr 19, 2024 | Last Update : 07:06 PM IST
GST Council raises composition scheme threshold for firms
The Council reached a consensus to raise the composition threshold on companies with a turnover of up to Rs 1 crore.
New Delhi: The GST Council at its 22nd meeting held in the national capital at Vigyan Bhawan on Friday reached a consensus on increasing composition threshold on companies with a turnover of up to Rs 1 crore, said Andhra Pradesh Finance Minister Y Ramakrishnudu.
The Council headed by Finance Minister Arun Jaitley met on Friday to review the implementation of the historic tax regime, weed out the teething troubles and make “structural changes” by addressing the feedback from companies.
Ramakrishnudu's announcement comes in the wake of a proposal to raise the threshold for the composition scheme from a turnover of Rs 75 lakh to a turnover of Rs 1 crore.
Composition scheme allows traders to pay a standard tax rate.
The Andhra Pradesh Finance Minister also said that the Council discussed issues faced by small traders and quarterly filing of returns for small businesses.
Relief for exporters and relaxation of norms that requires small traders to file three returns every month was also expected to be on the cards.
