GST Council raises composition scheme threshold for firms

ANI | Updated: Oct 06, 2017 18:34 IST

Amravati (Andhra Pradesh) [India], October 6 (ANI): The Goods and Service Tax (GST) Council at its 22nd meeting held in New Delhi at the Vigyan Bhawan on Friday reached a consensus on increasing the composition threshold on companies with a turnover of up to Rs. 1 crore, said Andhra Pradesh Finance Minister Y. Ramakrishnudu.

"The GST Council has reached a consensus on increasing the composition threshold on companies with turnover of Rs.1 crore," Ramakrishnudu said.

Ramakrishnudu further said that the GST council discussed issues faced by small traders, and requested quarterly filing of returns for small businesses.

The council was headed by Finance Minister Arun Jaitley to review the implementation of the historic tax regime, to extract the troubles and to make structural changes based on feedback received from business entities.

Two days ago, Prime Minister Narendra Modi had promised that glitches in the GST system would be fixed. (ANI)

iocl