Highlights of Interim Budget 2019-20 for GST | Labour Law News

Highlights of Interim Budget 2019-20 for GST

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The key highlights of the Interim Budget 2019-20 for GST presented by the Union Minister for Finance

·         GST made India a common market

·         GST led to increased tax base, higher collections and ease of trade

·         Inter-state movements now faster, more efficient, and hassle free

·         Responsive and sensitive reduction of tax rates – Most items of daily use now in the 0% or 5% tax slab

·         Relieving the businesses and service providers-

o   Exemptions from GST for small businesses doubled from Rs. 20 lakh to Rs. 40 lakh

o   Small businesses having turnover up to Rs. 1.5 crore pay only 1% flat rate and file one annual return only

o   Small service providers with turnover upto Rs.50 lakhs can opt for composition scheme and pay GST at 6% instead of 18%

o   Soon, businesses comprising over 90% of GST payers to be allowed to file quarterly return

·         Encouraging GST revenue trends – The average monthly tax collection in the current year is Rs. 97,100 crore per month as compared to Rs. 89,700 crore per month in the first year

 Source: PIB

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