ENA Sectors 2019-01-11 11:27:37 <p><strong>New Delhi, Jan 11 (KNN)</strong> Textiles Export Promotion Council (TEXPROCIL) has welcomed the steps taken by the government to increase GST exemption and Composition Scheme threshold limits.</p> <p>Welcoming the decision, Chairman of The Cotton TEXPROCIL, Dr. K.V. Srinivasan said, This decision will help the small and medium sized businesses and will encourage growth in the textiles sector.</p> <p>The expansion of the Composition Scheme has come as relief to a large number of small tax payers who are not in a position to file returns on time, according to the Chairman, TEXPROCIL.</p> <p>The 32nd meeting of the GST Council held on January 10, 2019 has raised the GST exemption threshold limit from Rs.20 lakhs to 40 lakhs effective from April 1, 2019.</p> <p>For the North Eastern states, the threshold has been doubled to Rs 20 lakh from Rs. 10 lakhs.</p> <p>Srinivasan thanked the Prime Minister, Narendra Modi and the Finance Minister, Arun Jaitley for these two very important decisions which will have a positive impact on the overall economy of the country.</p> <p>The GST Council has also raised the existing Composition Scheme turnover threshold from Rs. 1 crore to Rs 1.5 crore effective from April 1, 2019.</p> <p>Businesses under the scheme will now pay tax on a quarterly basis but returns will have to be filed annually.</p> 21783 https://knnindia.co.in/news/newsdetails/sectors/texprocil-welcomes-increase-in-gst-exemption-composition-scheme-threshold-limits 2019-01-11 11:27:37 knnindia.co.in