The 11 June meeting of the Goods and Services Tax Council brought good news for small and medium enterprises – an increase in the threshold of the Composition Scheme, the upper limit of which was Rs 50 lakh.
Enterprises earning a revenue or turnover below that were liable to pay GST at 1 percent in the case of trading, 2 percent for manufacturing and 5 percent for restaurants. While the rates have been maintained, the GST Council raised the threshold to Rs 75 lakh.
Experts had told BloombergQuint that this will reduce the financial and compliance burden on small businesses. But is it enough?
To get a sense of that, on BloombergQuint’s special series, GST Countdown, we polled 65 small businesses across the Chandni Chowk, Chawri Bazaar, Greater Kailash and South Extension markets in Delhi and Bandra, Worli, Dadar, Fort and Masjid Bunder markets in Mumbai.
Here are the poll results:
Groundwork For GST
Vendors’ Preparedness
What Companies Expect
Pricing Concerns
Fear Of Losses
The Way Forward
Technology Backbone
Anti-Profiteering Stick
(This article was originally published in BloombergQuint)
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