Curb wastage of effort

After July1, there may no longer be small scale asseessees

With the deferment of the goods and service tax (GST) to July 1, there may be a period before that date during which small scale entities, especially those in the service sector, become assessees under the old regime. After that period is over, they may no longer be asseessees, as their annual income would be lower than the as-yet-proposed Rs 20-lakh threshold and above the present threshold of Rs 10 lakh. 

Assuming a delay of three months, if the Budget provides a higher threshold — as envisaged for the GST, along with capping its rate at 18 per cent — wastage of effort may be minimised. Will Finance Ministry Arun Jaitley think this through before February 1?

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