SME Times is powered by   
Search News
Just in:   • Cyclone Idai: Unicef urges assistance to children  • Israeli army targets two Hamas posts in Gaza Strip  • Petrol prices rise, diesel remains unchanged  • PNB sets recovery target of Rs 10K cr for Q4: MD  • ADB readies for face-off with AIIB, NDB in India 
Last updated: 12 Jan, 2019  

gst-THMB.jpg CII welcomes GST Council steps as MSME friendly

GST.9.jpg
   Top Stories
» NITI Aayog to organise FinTech conclave Monday
» 'Revised fiscal deficit target due to cut in non-essential expenditure'
» Prevent degradation of ocean and its ecosystem: Naidu
» CITI welcomes new textile policy
» Support needed urgently for export sector: Gupta
SME Times News Bureau | 12 Jan, 2019

Industry body CII has welcomed the GST Council’s recent decision which will boost the micro, small and medium enterprise (MSME) sector.

CII appreciates and welcomes the said decision made by the GST Council, as this would help ease the tax compliances especially for those small businesses, who were not availing the input tax credit earlier and also, including a wider set of MSMEs take the benefits of the schemes that help ease the burden of compliances leading to overall ease of doing business, said CII in a press statement.

The GST Council in its 32nd meeting on 10 January 2019, announced many decisions to boost the growth of Small Businesses.

The Council approved for higher exemption threshold limit for goods suppliers, approving doubling of the exemption (from Registration and payment of GST) threshold under Goods and Services Tax (GST) regime to Rs 40 lakh.

However, the states will have the option to choose between the two exemption thresholds of Rs 20 lakh and Rs 40 lakh and will have to intimate their decision within a week.

The second decision of the GST council is to increase the Turnover Limit  for availing the  existing Composition Scheme for goods,  to Rs. 1.5 crores from existing 1 crore.

The special category states comprising of northeastern states, Jammu and Kashmir, Himachal Pradesh and Uttarakhand are given one-week time to decide upon the composition limit in their respective states.

The third decision is with respect to the Composition scheme for Services, where the GST council allowed the Service providers and suppliers of both goods and services up to a turnover of Rs 50 lakh in the preceding financial year to be eligible to opt for the GST composition scheme and pay a tax of 6 per cent .

The GST Council’s 4th announcement is for making available the Accounting and Billing Software free of cost to small taxpayers by Goods and Services Tax Network (GSTN).

The 5th decision of the Council related to MSME is regarding the Revenue mobilization for natural calamities, allowing Kerala to levy 1 per cent disaster cess on intra-state sale of goods and services for a period up to two years to mobilize revenues in order to meet the cost of rehabilitating parts of the state that were ravaged by floods last year.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 25 Mar, 2019
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(2)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter