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GST Council meet: Small businesses likely to get tax relief

In its 32nd meeting on Thursday, the GST Council is likely to consider several proposals aimed at providing relief to smaller taxpayers. Among them, the Council is likely to raise the annual exemption threshold for registration to Rs 75 lakh from Rs 20 lakh currently. The Council is also expected to introduce a composition scheme for small service providers with a turnover threshold upto Rs 1 crore. Such a scheme already exists for manufacturers and traders. The Council will also consider to slash the GST rate on under-construction housing units from the current 12 to 5% without input tax credit. 

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