Payment of 1% GST in Cash Only For Entities Having an Annual Turnover of Rs 6 Crore

The government's decision on mandatory payment of at least 1 per cent of GST tax liability in cash will only apply to establishments having an annual turnover of Rs 6 crore and the new rule will not apply to micro and small businesses, and composition dealers, finance ministry sources said on Sunday. Based on the recommendations of the GST Law Committee, the government has notified new indirect ta…