Reetu | Oct 4, 2023 |
GST: Punjab Pradesh Beopar Mandal raised GST Exemption Limit to Rs. 1.5 Crore
The Punjab Pradesh Beopar Mandal (PPBM) has requested that to GST Council to raise the exemption limit from Rs.40 lakh to Rs.1.5 crore for ease of doing business.
Traders mobilised during a dealer conference held here last night made the demand.
GST Registration is currently optional for businesses with an annual turnover of less than Rs 40 lakh for goods and Rs 20 lakh for services.
According to Piara Lal Seth, president of the PPBM, the GST Council has doubled the limit for exemption from payment of goods and services tax (GST) to Rs. 40 lakh and announced a higher turnover cap of Rs. 1.5 crore for availing of the composition scheme of paying 1% tax in 2019.
He stated that, in light of rising investment costs due to inflation, the government should reconsider the limit. According to him, companies with an annual turnover of less than Rs 1.5 crore account for 84% of all GST registrations.
However, their contribution as a taxpayer was only 7% of the total GST collection.
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