GST COUNCIL REDUCES RATES ON 66 PRODUCTS
GST Council has reduced the rates for 66 items and expanded the scope of the composition scheme for small traders, manufacturers and restaurants with an annual turnover of USD 115,384 (against USD 76,923 decided earlier). It is a presumptive taxation scheme which allows small traders, manufacturers and restaurants to pay 1, 2 and 5% GST rate respectively on sales without tax credits along with reducing procedural requirements.
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