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The GST Council, in its 29th GST meeting on Saturday, is likely to discuss the proposal to remove the CGST (central goods and services tax) levy on small businesses with annual turnover of up to Rs 1.5 crore.
The Union Cabinet unanimously accepted amendments in GST laws which will increase the threshold limit for composition dealers to Rs 1.5 crore.
GST return filing is a main component of the overall goods and service tax regime as it aims to bring as many taxpayers within its ambit for a proper conversion of tax scheme into a fully functional economical framework.
In the recent 28th GST council meeting, the council has approved a simplified GST return filing form in which it has given the basic principles of the latest return form design.
In the upcoming 29th GST council meeting to be held on 4th August, the government is set to offer multiple benefits to the small businessman and taxpayer under the GST.
The Confederation of Indian textile industry chairperson stated that the factors such as an increase in import taxes on textiles and reduction of GST rates on synthetic clothes will surely boost the domestic cloths industry.
The 29th GST council meeting has discussed various significant issues related to the MSME sector. The small industries are continuously approaching the finance ministry for the resolution of their issues which has been discussed in the GST council meeting.
When GST was introduced last year, many skeptics seemed surprised by its complex framework. However, a year later, the GST has undergone a cosmetic makeover of some sort.
The impact of goods and services tax on the daily household is positive according to the reports and research did in the one year of this crucial time period i.e. the implementation of GST.
