SMEs with annual turnover of up to Rs 1.5 cr can file quarterly returns
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October 06, 2017 19:56
In a relief to small and medium enterprises, the GST Council today raised the turnover threshold to Rs 1 crore for businesses to avail of the composition scheme that allows them to pay 1-5 per cent tax without going through tedious formalities.
With small businesses and traders complaining about the compliance burden the new Goods and Services Tax regime has put on them, the panel decided to give option to taxpayers to avail of the so-called Composition Scheme if their turnover is less than Rs 1 crore as against the previous limit of Rs 75 lakh.
The GST Council has also constituted a panel to consider rationalising GST rate for restaurants.