In what may want to offer a massive remedy for investors and
businessmen, the Center on Monday introduced that enterprise with annual
turnover of as much as Rs. 40 lakh is GST exempt, also stating that the people
with a turnover as much as Rs. 1.5 crore can choose the composition scheme and
pay 1 % tax only.
The ministry of finance, in a chain of tweets, introduced that taking
into consideration the fact that GST's implementation, the tax fee on some of
gadgets has been delivered, also keeping in mind that a fee of 28% is nearly
limited to sin as well as luxury goods. Out of a complete of approximately 230
gadgets with inside the 28% slab, approximately 200 gadgets had been shifted to
decrease slabs.
Since rollout of GST, the taxpayer base has been almost doubled. The
numbers of assesse included with the aid of using the GST on the time of its
inception had been approximately sixty five lakh. Now the assesse base exceeds
1.24 crore. All methods in GST had been absolutely automated," The
ministry of finance stated in a statement, including that 50 crore returns had
been filed on line and 131 crore e-way invoice generated so far.
The Ministry of Finance additionally cited that the center has given
extensive remedy to the construction quarter, mainly the housing quarter which
has now been located on the five percentage GST fee. It additionally stated
that GST on low cost housing has been decreased to at least one percentage.
GST, which subsumed approximately 17 nearby levies, changed into rolled
out on July 1, 2017. Jaitley held the finance portfolio withinside the first
time period of the Modi Government considering the fact since 2014.
The ministry tweeted stating as they remembered Arun Jaitley, they would
like to take a moment to appreciate him of the role he played for GST implementation,
that would be recorded in history of Indian taxation as one of the fundamental
landmark reforms.
Business to get GST registration inside three days with Aadhaar
authentication.
Businesses on the way to offer Aadhaar wide variety even as making use
of for registration below the Goods and Services Tax gets the approval in 3
running days. The Central Board of Indirect Taxes and Customs, in short known
as CBIC informed Aadhar authentication the previous week about registration of
GST, effective from August 21, 2020.
The notification additionally gives that during case organizations do
now no longer offer Aadhaar wide variety, then GST Registration might be
granted best after bodily verification of the place of enterprise (WITH PTI
Inputs)
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