The Assam Assembly today approved increasing the limit of annual turnover for compulsory registration for small traders as well as raising the cap for those eligible for filing composite tax under the GST regime. As per the changes approved through the Assam Goods and Services Tax (Amendment) Bill, 2018, passed by the House today, the annual turnover for compulsory GST registration has been increased to Rs 20 lakh from current Rs 10 lakh.
Finance Minister Dr Himanta Biswa Sharma said the change in the slab would greatly benefit the small traders in the state. He pointed that besides Assam, Meghalaya and Nagaland had got the approval from the GST Council in its last meeting for increasing the cap to Rs 20 lakh, though the North Eastern states were originally put together in the Rs 10 lakh cap bracket as the turnover of most businesses was within the latter limit and pushing up the cap to Rs 20 lakh would deprive the state government of substantial revenue. The other major amendment passed in the Assembly increased the turnover limit from Rs 75 lakh to Rs 1.5 Crores for businesses to be eligible for filing 1% composite tax under the GST regime. Further, for entrepreneurs with a turnover of up to Rs 1.5 Cr, the composite tax has been fixed at 2 per cent.
Dr Sharma said both these changes in the limit were earlier proposed by the Opposition members of the House and the state government had got the necessary clearance from the GST council for implementing the same.
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