The goods and services tax (GST) council meeting is underway and as per CNBC-TV18 sources, the council has decided to increase GST registration threshold limit to Rs 40 lakh from Rs 20 lakh.
CNBC-TV18 also learns that under the new composition scheme for service tax payers, they will be taxed at 6 percent with a threshold of up to Rs 50 lakh per annum.
Real estate issue has been referred to the group of ministers (GoM), which is yet to be set up and the proposal here was to keep two rates for under-construction properties.
There's a big relief for the MSME sector. The minimum threshold for availing a GST registration has been increased from Rs 20 lakh to Rs 40 lakh leaving another way out for states whether they want to continue with Rs 20 lakh or with Rs 40 lakh as the threshold.
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