Question

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

Answer 1

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.