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GST exemptions may cost govt up to `8K cr

DNMUM429750 | 1/11/2019 | Author : Sanjay Jog | WC :492




Mumbai: The government may lose about Rs 5,200 crore annually following the GST Council’s decision to double the exemption limit for payment of goods and services tax (GST) to Rs 40 lakh by micro, small and medium enterprises (MSMEs).
Besides, the government may also have to take hit of another Rs 3,000 crore, according to a GST Council member, who did not want to be named. This would be on account of the revision in GST Composition Scheme that can be availed of by small traders and businesses having a turnover of Rs 1.5 crore, up from the earlier Rs 1 crore, and making service providers and suppliers of both goods and services up to a turnover of Rs 50 lakh eligible to for GST Composition Scheme and pay a tax of 6%.
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