Assembly passes Assam GST (Amendment) Bill

1,385

The state Assembly on Wednesday passed the Assam Goods and Services Tax (Amendment) Bill, 2018 which has increased the annual turnover limit for compulsory registration of small traders.

The Bill also raised the cap for those eligible for filing composite tax under the GST regime.

The annual turnover limit for compulsory GST registration has been hiked to Rs 20 lakh from the existing Rs 10 lakh.

Assam Finance Minister Himanta Biswa Sharma, who introduced the Bill in the House, said the change in the slab would greatly benefit small traders in the state.

The state assembly also passed amendment of state GST Act to broaden ambit of composition from present 75 lakh rupees to 1.5 crore rupees. With this, the trading community will have to pay a lumpsum of 1 percent for turnover of up to 1.5 crore rupees and manufacturers to pay lumpsum of 2 percent of normal GST.

Sarma said the state government had got the necessary clearance from the GST council for implementing the changes.

You might also like
Comments
Loading...