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Reply To: What is the new GST exemption limit for MSMEs after 32nd GST Council Meeting?

Home Forums GST Questions What is the new GST exemption limit for MSMEs after 32nd GST Council Meeting? Reply To: What is the new GST exemption limit for MSMEs after 32nd GST Council Meeting?

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During its 32nd meeting the GST Council today relaxed the tax exemption limit to Rs 40 lakh from the earlier limit of Rs 20 lakh. The panel also decided to extend the composition scheme to traders from the informal sector offering services or mixed supplies with a turnover of up to Rs 50 lakh. Apart from that for hilly and small states the exemption limit has also been increased to Rs 20 lakh from Rs 10 lakh.

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