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GST exemption for traders with annual trade under Rs.20 Lakhs

Posted on: 24/Sep/2016 4:52:40 PM
Goods and Services Tax (GST) is being implemented from 1st April next year in order to reform the Tax system throughout the country and to prevent any indirect taxation.

The central government is now fully engaged in the drafting the final form of all the aspects of tax and policies.

GST Council met for the 1st time yesterday (Friday, 23rd September) headed by the Central Minister of Finance and took several important decision.

One of the important decision is to offer GST exemption to the traders who do their trading under 20 lakhs in a year.

Finance Minister Arun Jaitley later announced that this maximum was set st Rs. 10 lakhs trade per year for the traders from the North-east and Mountain Regions.

The next meeting of the GST Council is scheduled on 30th September. A decision will be taken during this meeting on GST exemption and draft policies.

A GST Council meeting is next scheduled for 3 days from 17th October. During this meeting, a final decision will be made on GST ration and taxes.

West Bengal State Minister for Finance, Mr. Amit Mitra, has welcomed the decisions taken during the 1st GST Council meeting. He observed that with the decision to offer tax exemption for traders who do less than Rs. 20 lakh business per year, the mini and micro industry will be protected.