{"id":40239,"date":"2019-01-11T17:13:09","date_gmt":"2019-01-11T11:43:09","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=40239"},"modified":"2019-01-11T17:13:09","modified_gmt":"2019-01-11T11:43:09","slug":"big-relief-for-small-businesses-under-gst","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/big-relief-for-small-businesses-under-gst\/","title":{"rendered":"Big relief for small businesses under GST"},"content":{"rendered":"<p><a href=\"https:\/\/www.thehindubusinessline.com\/economy\/policy\/gst-exemption-limit-doubled-to-give-relief-to-small-businesses\/article25959150.ece\">Big relief for small businesses under GST<\/a><\/p>\n<p><strong>News<\/strong>:<\/p>\n<p>GST exemption limit doubled to give relief to small businesses<\/p>\n<p><strong>Important Facts:<\/strong><\/p>\n<p><strong>Highlights of the GST Council report<\/strong><\/p>\n<ul>\n<li>Basic threshold limit for suppliers of goods (for mandatory GST registration) has been increased to \u20b940 lakhs from the current \u20b920 lakhs. Also, some of the north-eastern and hilly states will have a new limit of \u20b920 lakhs from \u20b910 lakhs earlier.<\/li>\n<li>However, there is no change in the limit for services. The threshold for registration of service providers would continue to be \u20b920 lakhs, and in case of special category States, \u20b910 lakhs.<\/li>\n<li>Services sector will now be eligible for benefits under the composition scheme, which was only applicable to manufacturers and traders earlier.<\/li>\n<li>GST Composition Scheme, under which small traders and businesses pay a 1 per cent tax based on turnover, can be availed by businesses with a turnover of Rs 1.5 crore, against the earlier Rs 1 crore, with effect from April 1, 2019<\/li>\n<li>The Council also approved recommendations pertaining to calamity cess in Kerala.<\/li>\n<\/ul>\n<p><strong>Significance:<\/strong><\/p>\n<ul>\n<li>Increasing the basic registration threshold will benefit small businesses as it will reduce their compliance cost and efforts.<\/li>\n<\/ul>\n<p><strong>Composition scheme<\/strong><\/p>\n<ul>\n<li>Composition Scheme is an alternative method of levying a tax under GST.<\/li>\n<li>Small businesses registered under the GST composition scheme can pay GST at a fixed rate of turnover every quarter and file quarterly GST returns.<\/li>\n<li><strong>Eligibility<\/strong>: \u2013 Everyone isn&#8217;t qualified to enroll under the GST composition scheme. Citizens or taxpayers whose yearly turnover is 1.5 crore in a Financial year. Turnover for extraordinary classification States, aside from Jammu and Kashmir and Uttarakhand, the limit is presently expanded to Rs 75 Lacs.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Big relief for small businesses under GST News: GST exemption limit doubled to give relief to small businesses Important Facts: Highlights of the GST Council report Basic threshold limit for suppliers of goods (for mandatory GST registration) has been increased to \u20b940 lakhs from the current \u20b920 lakhs. Also, some of the north-eastern and hilly&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/big-relief-for-small-businesses-under-gst\/\">Continue reading <span class=\"screen-reader-text\">Big relief for small businesses under GST<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-40239","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704836768},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/40239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=40239"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/40239\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=40239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=40239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=40239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}