Tuesday, Jul 16 2024 | Time 06:48 Hrs(IST)
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Business Economy


FICCI welcomes doubling of GST exemption threshold to 40 lakh

New Delhi, Jan 10 (UNI) FICCI applauded the decision of the GST Council on Thursday to double the exemption threshold limit for registration under GST from Rs 20 lakh to Rs 40 lakh.
“This is one of the most crucial decisions of the Council and would indeed help a large number of taxpayers. It is a big step in the right direction and I am confident that going forward the Council may consider increasing it further,” FICCI president Sandip Somany said here.
The decision regarding raising of the annual turnover limit for composition scheme to Rs 1.5 crore from the current Rs 1 crore, coupled with the facility of quarterly payment of tax along with annual return filing, is a major relief for businesses.
“This is a major step towards tax simplification and will ensure ease of compliance,” Mr Somany added.
The proactiveness of the Council in understanding the concerns of the small service providers and announcing expansion of the composition scheme to them and those making mixed supplies (goods and services) with a threshold upto to Rs 50 lakh with a tax rate of 6 per cent will benefit the industry significantly.
The FICCI had suggested this measure to make the composition scheme available to the service providers also. All decisions in the meeting are aimed to simplify the compliance mechanism for the small businesses and pave the way for bringing stability in GST regime.

UNI SW SHK1824
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