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July 15, 2018

Bengal Govt to propose GST exemption up to Rs 50 lakh

Bengal Govt to propose GST exemption up to Rs 50 lakh

The Bengal Government has decided to propose to the GST Council to exempt from having to pay GST businesses having an annual turnover of up to Rs 50 lakh, the State Finance and Industry Ministry, Dr Amit Mitra said recently at a meeting of garment manufacturers and traders in Kolkata. At present, the exemption limit is Rs 20 lakh.

However, he said, for the benefit of all concerned, before the raising of any limits, the GST should be allowed to stabilise, which has not happened as the matching of invoices with vouchers is still being done manually.

The reason for this is that the implementation of the new tax regime was done in a hurry, and the GST network had not been able to upload the GSTR 2 form online yet for matching vouchers with invoices done through the GSTR 1 (already uploaded online).

After the above-mentioned issue are resolved and the GST stabilises, the turnover limit for exempting businesses from having to pay the GST can be raised gradually.


Source: Millennium Post