Companies with a turnover of less than Rs 250 crore in FY17 would be required to pay tax at 25 percent (and not at the erstwhile rate of 30 percent) in FY19.
Under the scheme, Muthoot Finance will disburse gold loans above Rs 10 lakh at an interest rate of 12 per cent per annum, said Babu John Malayil, Deputy General Manager, Muthoot Finance.
To make the process simpler, small firms may be allowed to file of only one summary return form GSTR3B, doing away with filing of GSTR1, GSTR2 and GSTR3
Council to take up matter in its next meeting in Guwahati on November 10 to ease procedural irritants for small firms
The GST Council on Friday hiked the threshold turnover for the composition scheme that allows SMEs to pay 1-5 per cent tax without going through tedious formalities.
Prime Minister Narendra Modi brainstormed for over three hours with Arun Jaitley and BJP president Amit Shah on Thursday.