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GST Council Meet: The 49th meeting of the GST Council (49th GST Council Meeting) is to be held in the country on 18 February. Before this meeting, the think tank group Global Trade Research Initiative (GTRI) said on Friday that the GST Council has demanded an increase in the tax exemption limit in business. GTRI said that the tax exemption limit for business in the country should be up to Rs 1.5 crore on an annual basis. Know what is the update..
GTRI placed demand
The Global Trade Research Initiative (GTRI) has urged the Goods and Services Tax Council to increase the GST exemption limit. Along with this, there has been a demand to do away with the requirement of state-wise registration. Currently, the GST network has over 1.4 crore registered taxpayers, making it the largest global platform for Indirect Taxes.
Game changer will be made for MSME
GTRI has demanded the recommendation of 7 reforms. GTRI said that the GST Council now needs to consolidate the benefits by making compliance easier. If the GST Exemption limit is increased to Rs 1.5 crore, then it will prove to be a game changer for the MSME sector of India. Along with this, it will help to establish them on the path of employment generation and development.
reduce GST burden
Currently registration for GST is optional for firms whose annual turnover is less than Rs 40 lakh for goods and Rs 20 lakh for services. Firms with an annual turnover of less than Rs 1.5 crore account for 84 per cent of the total registrations. It contributes less than 7 percent to the total tax. If this happens, the new limit will reduce the GST burden significantly.
Finance Minister Sitharaman will preside
The GST Council of India has given information about this meeting on its official Twitter. The council said that the 49th meeting of the GST Council is to be held on Saturday, February 18 under the chairmanship of Union Finance Minister Nirmala Sitharaman. This is the first meeting after the presentation of the General Budget (Budget 2023-24).
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