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'Businesses with annual turnover of up to Rs 40 lakh are now GST exempt': Finance Ministry

'Businesses with annual turnover of up to Rs 40 lakh are now GST exempt': Finance Ministry

The Finance Ministry of Monday said that business with an annual turnover of up to Rs 40 lakh are now GST exempt, adding that those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only 1 per cent tax.

The Ministry of Finance said that since GST's implementation, the tax rate on a number of items has been brought, noting that "28 per cent rate is almost solely restricted to sin and luxury items". Out of a total of about 230 items in the 28 per cent slab, about 200 items have been shifted to lower slabs, it said.


"The taxpayer base has almost doubled since the rollout of GST. The numbers of assessee covered by the GST at the time of its inception were about 65 lakh. Now the assessee base exceeds 1.24 crore. All processes in GST have been fully automated," the Ministry of Finance said in statement, adding that 50 crore returns have been filed online and 131 crore e-way bill generated so far.

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