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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
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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.
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