A few days back, GST Council held the 32nd meeting in which it was said that the GST threshold has been doubled from 20 lakh to 40 lakh annually to help small businesses and the state government can take their decision on it. So now Jharkhand is following the decision taken by GST Council and giving relief to approx. 80,000 small and medium traders which will be free from registering in GST. The Chief Minister Raghubar Das instructed the Commerce Secretary in a review meeting regarding this matter.
Government is on the verge to completely modify the GST rules which were hinted by many of the GST officials in the meeting. Also, the GST council is set to bring a lower number of GST slab rates by combining 18 & 12 per cent rate into one single rate.
The move has been taken to reduce the compliance cost of traders who were facing difficulty in filing regular GST returns. GST returns accruing higher cost was the main concern for reducing down the threshold limit thus helping businessman to actually focus on the business rather than just doing filing all the time.
This ministerial group had the Finance Minister of Maharashtra, Kerala’s Finance Minister Thomas Isaac, West Bengal Finance Minister Amit Mitra, Punjab Finance Minister Manpreet Singh Badal, Assam Finance Minister Himanta Biswa Sharma, Karnataka Finance Minister Krishna Byre Gowda, Goa’s Panchayat Minister Mauvin Godinho, Arunachal Pradesh Tax and Excise Minister Jarkar Gamlin.
