The Finance Ministry tweeted today that businesses with an annual turnover of up to Rs 40 lakh are Goods and Services Tax (GST) exempt. Initially, this limit was Rs 20 lakh. Additionally, those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only 1% tax. GST, which subsumed about 17 local levies, was rolled out on July 1, 2017.
As of now, the 28% rate is almost solely restricted to sin and luxury items. Out of a total of about 230 items in the 28% slab, about 200 items have been shifted to lower slabs. Ministry of Finance noted that significant relief has been extended to the construction sector, particularly the housing sector. It has now been placed at the 5% rate. GST on affordable housing has been reduced to 1%. All process in GST have been fully automated. Till now 50 crore returns have been filed online and 131 cr e-way bill generated.
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