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Narendra Modi government likely to announce more sops for MSME sector

Updated : January 14, 2019 08:15 AM IST

Narendra Modi government may announce a slew of sops for the micro, small and medium enterprises (MSME) sector, ranging from cheaper loans, free insurance and pension for traders, sources privy to the developments told Network18.

Yesterday, the GST Council doubled the exemption limit for Goods and Services Tax (GST) registration to Rs 40 lakh from Rs 20 lakh to ease cost of compliance for small taxpayers or MSMEs.

This means businesses with an annual turnover under Rs 40 lakh will now be exempt from registration and payment of GST. In case of special category states such as North-Eastern and hilly states, the exemption limit will be doubled to Rs 20 lakh, union finance minister Arun Jaitley said.
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