Another sop story

GST Council's relief to MSMEs is welcome

The Goods and Services Tax Council, the apex body with representation from the Centre and all states, announced a series of sops for taxpayers on Thursday. The prime beneficiaries are the micro, small and medium enterprises (MSMEs), as the GST Council has doubled the exemption limit to Rs 40 lakh annual turnover. For the Northeastern and hilly states, this exemption limit has been increased from Rs 10 lakh to Rs 20 lakh. The Council has also significantly altered the composition scheme, which allows businesses to pay tax at a concessional rate, and makes GST compliance easier. The Council has decided