Good News: Exemption Limit For GST Hiked To Rs 40 Lakh From Rs 20 Lakh

New Delhi, Jan 10: Union Finance minister  Arun Jaitley on Thursday said the  GST Council has doubled the annual turnover exemption limit for the composition scheme.

The all powerful council has increased the GST exemption limit to Rs 20 lakh from Rs 10 lakh for the north eastern states and Rs 40 lakh, from Rs 20 lakh, for the rest of the country.

The annual turnover for availing composition scheme has been increased to Rs 1.5 crore from Rs 1 crore, effective from April 1, 2019, Now pay tax on a quarterly basis but the returns will be filed annually.

Whereas Service providers and suppliers of both goods and services till turnover of Rs 50 lakh now would be eligible to opt for the GST composition scheme and pay a tax of 6 per cent.

 

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