Now businessmen with annual turnover up to Rs 40 lakh will get exemption from GST, earlier this limit was Rs 20 lakh - News Summed Up

Now businessmen with annual turnover up to Rs 40 lakh will get exemption from GST, earlier this limit was Rs 20 lakh


(1/6)@nsitharamanoffc @Anurag_Office @PIB_India — Ministry of Finance (@FinMinIndia) August 24, 2020इधर, सोमवार को वित्त मंत्रालय की तरफ से सिलसिलेवार ट्वीट किए गए। वित्त मंत्रालय ने पूर्व वित्त मंत्री अरुण जेटली को याद करते हुए वस्तु एवं सेवा कर (GST) और उसमें समय-समय पर किए गए तमाम सुधारों को याद किया है।It is now widely acknowledged that GST is both consumer and taxpayer-friendly. While the high tax rates of the pre-GST era acted as a disincentive to paying tax, the lower rates under GST helped to increase tax compliance. As of now, the 28% rate is almost solely restricted to sin and luxury items. Out of a total of about 230 items in the 28% slab, about 200 items have been shifted to lower slabs. Most items of daily use are in 0 or 5% slab.


Source: Dainik Bhaskar August 24, 2020 08:20 UTC



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