Businesses with an annual turnover of up to Rs 40 lakh GST exempt according to Finance Ministry.
Dear all,
Your association SIMA is forwarding herewith Business Articles published by the Economic Times and Business Standard.
Businesses With Annual Turnover Of Up To Rs 40 Lakh Goods And Services Tax Exempt According To Finance Ministry; Business Standard dated 24/08/2020
The Finance Ministry tweeted today that businesses with an annual turnover of up to Rs 40 lakh are Goods and Services Tax (GST) exempt. Initially, this limit was Rs 20 lakh. Additionally, those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only 1% tax. GST, which subsumed about 17 local levies, was rolled out on July 1, 2017..….. TO READ THE FULL ARTICLE PLEASE CLICK HERE.
GST reduced tax rates, doubled taxpayer base to 1.24 cr: Finance Minister:- The Economic Times dated 25/08/2020
NEW DELHI: The Finance Ministry on Monday said GST has reduced the rate at which people have to pay tax, helped increase compliance and doubled taxpayer base to 1.24 crore. In a series of tweets, on the first death anniversary of former Finance Minister Arun Jaitley, the ministry said before goods and services tax ( GST), the combination of value-added tax (VAT), excise, sales tax and their cascading effect resulted in the high standard rate of tax up to 31 per cent.….. TO READ THE FULL ARTICLE PLEASE CLICK HERE.
Thanking you,
With regards,
For Silvassa Industries & Manufacturers Association
Narendra Trivedi
Secretary
