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What is the new GST exemption limit for MSMEs after 32nd GST Council Meeting on 10th January 2019?
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.
The new GST limit has been doubled from earlier 20 lacs to 40 lacs and for small states its 10 lacs to 20 lacs