Great relief for the small traders as GST rates reduce
At the end of the 22nd meeting of the Central Government GST Council, the government has given a big relief to the small traders, taking into account the increased inflation and increase in prices of goods and services (GST) across the country. Traders are now allowed to pay every month instead of paying a return every month.
Under the leadership of finance minister Arun Jaitley, the GST Council meeting has brought tax on many small industries to half. In this, mainly 12 percent GST on cloth business has been brought down to 5 percent. Taxes on restaurants have been brought down from 18 per cent to 12 per cent. The GST rate has been brought down from around 12% to 5% in 60 items.
Points to be noted:
- 3 months duration for GST return to small traders
- Relieved for those who have a turnover of one and a half crore
- There is no restriction of PAN card for purchasing jewellery up to 50 thousand
- Purchase up to 2 lakh without a PAN card
- Jewelers Outside the Laws of Money Laundering
- Compounding limit ranges from 75 lakh to 1 crore
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