GST meet on small unit scheme
New Delhi: Within a week of being set up, the group of ministers (GoM) on making the GST composition scheme more attractive held its first meeting today. The scheme is for small entities.
The five-member GoM, under Assam finance minister Himanta Biswa Sarma, has also been tasked to revisit the GST rates for restaurants.
With only over 15.50 lakh businesses of the 98 lakh registered under the GST regime opting for the composition scheme, the GST Council decided to set up the GoM to examine ways of making it more attractive. The panel will submit its report by November.
Businesses with turnover of up to Rs 1 crore can opt for the composition scheme and they can pay taxes in the range of 1-5 per cent. PTI