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In a Major Relief to Micro, Small and Medium Enterprises, the Gst Council Has Recently Increased the Tax Exemption Limit per Annum To: - Current Affairs Including General Knowledge

Question

MCQ

In a major relief to micro, small and medium enterprises, the GST Council has recently increased the tax exemption limit per annum to:

Options

  • 20 lakhs

  • 30 lakhs

  • 40 lakhs

  • 60 lakhs

Solution

40 lakhs

Explanation:
In a major relief to micro, small and medium enterprises (MSMEs), the GST Council has recently increased the tax exemption limit to 40 lakh in annual revenue. The turnover limit for businesses availing of the GST composition scheme, which allows them to pay goods and services tax at a flat rate, was raised to 1.5 crores.

Concept: Economic Current Affair (Entrance Exam)
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