New Delhi, Oct 6 (IANS) The Goods and Services Tax (GST) Council on Friday raised the threshold limit for Composition Scheme to Rs 1 crore from the current Rs 75 lakh to ease tax filing for small traders.
The Rs 1 crore threshold in the Composition Scheme has been approved also by the GST Council members, sources said here on the sidelines of its ongoing meeting.
Under the Composition Scheme, traders have to pay a fixed tax rate between 1-5 per cent.
The Council is also discussing other relief measures for traders, including quarterly return filing.
"Council members requested quarterly return filings for businesses with turnover less than Rs 1.5 crore," a Council member said on the sidelines of the meeting.
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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