Businesses with annual turnover of up to Rs 40 lakh are now exempted from GST: Finance Ministry

The Ministry of Finance on Monday said that businesses with an annual turnover of up to Rs 40 lakhs are exempt from GST and those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only one per cent tax.  Earlier, the GST exemption limit was Rs 20 lakh, the ministry said.

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