The Finance Ministry had said that business with annual turnover of up toRs.40 lakhs are now GST exempt. It also said that those having turnover up to Rs.1.5 crore can opt for composition scheme and pay taxes at 1%. It had also said that out of the 230 items, 200 items have been brought out of 28% tax slab.
Businesses with annual turnover of up to Rs 40 lakh are now GST exempt’: Finance Ministry
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