ONI Bureau: The 32nd Goods and Services Tax (GST) Council meeting, headed by Finance Minister Arun Jaitley on Thursday decided to increase GST registration threshold limit to Rs 40 lakh from Rs 20 lakh.
Therefore, GST registration for micro, small and medium enterprises (MSMEs) doubled to Rs 40 lakh from Rs 20 lakh. Small businesses with an annual income under Rs 40 lakh will now be exempt from GST.
The Finance Minister said the GST Council also decided to hike the composition scheme limit from Rs 1 crore to Rs 1.5 crores effective 1 April 2019 under GST. The GST council approved annual return, quarterly tax payment under the Composition Scheme.
Jaitley also said that Kerala to be allowed to levy disaster cess up to 1% for a maximum of two years under.