Saturday 25th of November 2017 03:53:52 AM  Agra

GST Council cut tax rates on 27 items

GST Council gave relief to small and medium enterprises on filing and payment of taxes, eased rules for exporters and cut tax rates on 27 items. The Council in its meeting held in New Delhi deliberated on the problems faced by the businesses and decided to provide relief.GST Council approved quarterly filing of returns for businesses with turnover upto 1.5 crore rupees besides raising the threshold for composition scheme from 75 lakh rupees to one crore rupees. Under composite scheme, traders will now pay one percent, manufacturers two percent and restaurants five percent.

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