GST Council meet: MSME exemption limit doubled to Rs 40 lakh, composition scheme threshold now Rs 1.5 cr

The GST Council, headed by Finance Minister Arun Jaitley, on January 10, doubled the exemption limit for GST registration for micro, small and medium enterprises (MSMEs) to Rs 40 lakh from Rs 20 lakh. This means businesses with an annual turnover under Rs 40 lakh will now be exempt from GST. The GST Council also approved the composition scheme for services and raised annual composition limit…