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SMEs set to get GST relief ahead of 2019 Lok Sabha elections

The GST Council is expected to provide a slew of relief measures to the SME sector and further ease the compliance burden. The Council is expected to meet by mid-January to discuss proposals such as increasing the exemption threshold from Rs 20 lakh to Rs 75 lakh. PM Narendra Modi in a recent interview said that besides raising the exemption threshold, the government is also mulling to cut the GST rate on under-construction flats from 12% to 5% and providing a concessional tax scheme for the small service providers. Raising the proposed threshold could cost government Rs 800-1400 crore. 

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