The maximum GST (Goods and Services Tax) exemption for the medium and small-scale enterprises (MSMEs) has been doubled from Rs. 20 Lakhs to Rs. 40 Lakhs.
This decision was taken during the GST Council meeting conducted today (Thursday, 10th January) and then announced.
GST exemption was granted to the MSMEs earning less than Rs. 20 Lakhs per annum. Now, the central Finance Minister, Arun Jaitley, announced that this limit has been doubled from Rs. 20 Lakhs to Rs. 40 Lakhs.
Further, the limit for the package offer plan for the entrepreneurs has been increased from Rs. 1 Crore to Rs. 1.5 Crore.
Finance Minister Arun Jaitley observed that with the above initiatives, the MSMEs will gain substantially.
A committee of 7 central ministers has been formed to discuss the issues and controversies over the plan to bring lotteries and real estate industries under the GST domain.