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Government Doubles Tax Exemption Limit For Small Businesses: Arun Jaitley

10 January, 2019 10:06 AM
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Government Doubles Tax Exemption Limit For Small Businesses: Arun Jaitley

Currently, firms with an annual turnover of up to Rs 20 lakh are exempted from registration under a unified national GST launched in 2017.

The government will exempt small businesses with annual sales of up to Rs 40 lakh ($56,701) from paying taxes under goods and service tax, finance minister Arun Jaitley said on Thursday, a move aimed at wooing a key voting group ahead of a national election.

Currently, firms with an annual turnover of up to Rs 20 lakh are exempted from registration under a unified national goods and service tax launched in 2017.

Arun Jaitley said the small companies would have the option to opt out of the GST tax net.

Source: ndtv.com

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