Tax exemption for businessmen with annual turnover up to 40 lakhs now

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Giving a major relief to the Goods and Services Tax (GST), the central government has decided to exclude businesses with turnover up to Rs 40 lakh per annum. Earlier the exemption limit from GST was Rs 20 lakhs per annum. Apart from this, companies with annual turnover up to Rs 1.5 crore can take advantage of the composition scheme and they have to pay only 1% tax. The Finance Ministry tweeted and said, “Since the implementation of GST, the tax rate on most things has been reduced. Currently, the 28 per cent tax rate is limited to luxury goods. There were a total of 230 items in this slab, of which 200 have been shifted to the lower slab. ‘

The ministry said that the government has given big relief to the construction sector in GST as well. Now the sector has been kept under the 5% tax slab. Not only this, the GST rate on affordable housing is now just 1 percent. The Finance Ministry said that the number of taxpayers has also doubled since the introduction of GST. The ministry said that at the time GST was implemented, the number of taxpayers covered under it was 65 lakhs. Today this figure has increased to 1.24 million. The GST contains 17 local charges. GST was implemented in the country on 1 July 2017.

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