New Delhi: The threshold for composition scheme in GST has been hiked from Rs 75 lakh to Rs 1 crore.
The composition scheme makes it easier for small businesses whose turnover is less than Rs 1 crore to comply with the new tax regime easily.
“The GST Council has reached a consensus on increasing the composition threshold on companies with turnover of Rs.1 crore,” Andhra Pradesh Finance Minister Y. Ramakrishnudu said.
Ramakrishnudu further said that the GST council discussed issues faced by small traders, and requested quarterly filing of returns for small businesses.
The council meeting, held in New Delhi at the Vigyan Bhawan on Friday, was headed by Finance Minister Arun Jaitley to review the implementation of the historic tax regime, to extract the troubles and make structural changes based on feedback received from business entities.