GST exemption limit doubled to give relief to small businesses

In a bid to give relief to small businesses, the GST Council Thursday doubled the exemption limit and raised the threshold for availing the composition scheme. The GST Council doubled the GST exemption limit to Rs 20 lakh for north eastern states and Rs 40 lakh for the rest of the country, Finance Minister Arun Jaitley told reporters here. The scope of the GST Composition Scheme, under which small traders and businesses pay a small tax based on turnover rather than value addition, was raised to Rs 1.5 crore from Rs 1 crore.

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