After attending a crucial GST meeting, Union Finance Minister Arun Jaitley announced a series of measures under Goods and Services Tax (GST) to boost small businesses.
He however, ruled out any more cuts under the indirect tax system until revenues improve.
It need be mentioned that the decision to hold rate cuts under GST comes in the backdrop of shrinking collections under the indirect tax.
The GST Council decided to raise the scope of the composition scheme to Rs. 1.5 crore from Rs. 1 crore.
What is all the more important is that the GST Council doubled the GST exemption limit to Rs. 20 lakh for north eastern states and Rs. 40 lakh for the rest of the country.
The moves coming ahead of national election is aimed at giving relief to MSMEs (micro, small and medium enterprises).