The Punjab Pradesh Beopar Mandal (PPBM) has demanded from the GST Council to increase the exemption limit to Rs 1.5 crore from present Rs 40 lakh for ease of doing business. The demand was made by traders mobilised during a conference of dealers held here last night.
Currently, registration for GST is optional for firms with an annual turnover of less than Rs 40 lakh for goods and Rs 20 lakh for services. Piara Lal Seth, president of the PPBM, said that in a bid to give relief to small businesses, the GST Council had doubled the limit for exemption from payment of goods and services tax (GST) to Rs 40 lakh, and announced that a higher turnover cap of Rs 1.5 crore for availing composition scheme of paying 1 per cent tax in 2019. He said keeping in view high investment costs due to inflation, the government needs to revise the limit once again. He said companies with an annual turnover less than Rs 1.5 crore account for 84 per cent of the total GST registrations. However, their contribution as tax payee was just seven per cent of the entire GST collection.
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