Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Relief for MSMEs, GST council hikes composition limit to Rs 1.5 crore from April 1

The 32nd GST council meet is over and brought some much-needed relief to the MSMEs. Addressing the press after the meet, Finance Minister Arun Jaitley informed that Composition scheme limit hiked to Rs 1.5 crore from April 1. People who opt for composition scheme will have to pay their tax quarterly but will now have to file their returns annually.

It may be noted that the council did not discuss the rates of individual items in today's meet. The Council approved composition scheme for Services. GST composition limit for services has been set at Rs 50 lakh and composition rate for services is set at 6 per cent. The exemption limit for GST for those with a turnover of up to 20 lakh has been increased to 40 lakhs.


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