Goods-and-service-tax Business Featured National 

Goods and Service Tax Council increases exemption limit for SMEs

The Goods and Services Tax (GST) Council in its 32nd meeting took the decision to reduce the tax and compliance burden on the small and medium enterprises, including increasing the threshold limit below which companies are exempt from Goods and Service Tax, extending the Composition Scheme to small service providers, and allowing small companies to file annual returns. On Thursday, Finance Minister Arun Jaitley announced that that the limit for eligibility for the Composition Scheme would be raised to an annual turnover of Rs.1.5 crore from April 1, 2019. He also added…

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Business Featured National 

GOODS AND SERVICE TAX Council cuts rates on 17 items and 6 services, rationalises 28% slab

The Goods and Service tax council on Saturday cut the tax rate on 17 items including televisions, movie ticket, monitors and other electronic items and on 6 services, excluding cement in the 28% bracket. The finance minister of India Mr Arun Jaitley said that it is the Christmas Bonanza for every man and the reduces rate will come to an effect from January 1st, 2019. The goods on which GOODS AND SERVICE TAX has been lowered to 18 per cent from 28 per cent at present include pulleys, transmission shafts…

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