Budget 2019: GST composition scheme for service providers and increase in exemption limits among mega changes for MSMEs

Business Today By Suresh Surana February 2, 2019 | 13:34 IST

MSME sector covers 90 per cent of the businesses by volume and is a pivotal sector for India.

The MSME sector has a lot to cheer from the recent changes in the Goods and Services Tax regime based on the 32nd GST Council meeting dated 10 January 2019 and being reiterated in the Interim Budget 2019. The service sector accounts for over 55 per cent of the GDP, which was not covered by composition scheme earlier. It is also proposed to increase the basic exemption limits for registration as well as the maximum turnover limit for the composition scheme. MSME sector covers 90 per cent of the businesses by volume and is a pivotal sector for India. These proposed reforms will greatly improve the ease of doing business as most of the small and medium sized businesses are not fully equipped to meet with the complex GST regulations, filing of tax returns, claiming input tax credits, etc. The three mega changes proposed in this respect are as follows:

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