Business Other News 19 Oct 2016 Exemption of small b ...

Exemption of small businesses hailed

DECCAN CHRONICLE.
Published Oct 19, 2016, 1:56 am IST
Updated Oct 19, 2016, 7:47 am IST
Centre’s recent decision to exempt dealers with annual turnover below Rs 20 lakh from the GST regime will benefit the state govt.
Over 25,000 dealers registered with the commercial taxes department in the state have an annual turnover of less than Rs 20 lakh. (Representational image)
 Over 25,000 dealers registered with the commercial taxes department in the state have an annual turnover of less than Rs 20 lakh. (Representational image)

Hyderabad: The Centre’s recent decision to exempt dealers with annual turnover below Rs 20 lakh from the new GST regime will benefit the state government. Over 25,000 dealers registered with the commercial taxes department in the state have an annual turnover of less than Rs 20 lakh. The state government will have control over these dealers.

Several states including Telangana have been demanding that the Centre exempt small traders from GST. “We welcome the decision taken by the GST Council. This will save many small scale traders and service providers from undertaking GST compliance. It also reduces a substantial burden for commercial tax officials to assess small-time dealers for GST,” said Mr K. Kranthi Sagar, representative of Small Traders Association.

 

AP and Telangana state had demanded a threshold of Rs 20 lakh for GST exemption, while Tamil Nadu and Delhi governments had sought Rs 25 lakh. Currently, the threshold for Value-Added Tax (VAT) is Rs 10 lakh in most states.

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Location: India, Telangana, Hyderabad




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