• About
  • Advertise
  • Privacy & Policy
  • Contact
Wednesday, January 20, 2021
Fast Kashmir
  • Home
  • Top News
    • Kashmir
    • Jammu
    • National
    • International
  • Business
  • Sports
  • Culture
  • Entertaintment
  • Featured
  • Opinion
  • Picture Gallery
  • Technology
No Result
View All Result
  • Home
  • Top News
    • Kashmir
    • Jammu
    • National
    • International
  • Business
  • Sports
  • Culture
  • Entertaintment
  • Featured
  • Opinion
  • Picture Gallery
  • Technology
No Result
View All Result
Fast Kashmir
No Result
View All Result
Home Business

Government announces tax exemptions for businesses with annual turnover of up to Rs 40 lakh

KINS by KINS
25/08/2020
in Business
0
Black Money: Switzerland inches closer to pact for instant info on Indians with Swiss bank accounts

File Photo

Srinagar, Aug 25: The Ministry of Finance said that businesses with an annual turnover of up to Rs 40 lakh are GST exempt. Initially, this limit was Rs 20 lakh.
According to news agency Kashmir Indepth News Service (KINS) in a tweet, the Finance Ministry said, additionally those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only 1 per cent tax.
It said, once GST was implemented, the tax rate on a large number of items was brought down. As of now, the 28 per cent rate is almost solely restricted to sin and luxury items. Out of a total of about 230 items in the 28 per cent slab, about 200 items have been shifted to lower slabs.
The Ministry also informed that significant reliefs have been extended to the construction sector, particularly the housing sector which has been placed at the 5 per cent tax rate. GST on affordable housing has been reduced to 1 per cent.
It said that the taxpayer base has almost doubled since the rollout of GST. The numbers of assessee covered by the GST at the time of its inception were about 65 lakh and now the assessee base exceeds 1.24 crore.
The Finance Ministry said, all processes in GST have been fully automated and till now 50 crore returns have been filed online. 131 crore e-way bills have been generated since the launch of the system, of which about 40 per cent are for the inter-state transport of goods. The number of e-waybills generated has been growing steadily, with the highest single-day generation of more than 25 lakhs bill taking place on 29th February this year.

Loading...

Related

Previous Post

Act fast on projects: LG tells officials

Next Post

Amid rise in COVID-19 cases in Kashmir, two member central team set to visit Valley

KINS

KINS

Next Post
Coronavirus: J&K Government in fire-fighting mode

Amid rise in COVID-19 cases in Kashmir, two member central team set to visit Valley

  • Trending
  • Comments
  • Latest

New power curtailment schedule in a week: Chief Engineer Power Deptt

02/11/2020

Kashmir to receive fresh spell of rains; predicts Kashmir Weather

22/06/2020
After four decades, Srinagar witnesses huge rain deficit in July this year

Kashmir Weather predicts widespread rain in J&K, active monsoon to drop rain deficiency

24/08/2020

Govt Doors Still Open To Shah Faseal?

25/07/2020

Chadoora encounter:Second civilian loses life 

3221

Hakim condemns use of force against students

1770

Disaster preparedness prog held in Bandipore

863
Trip to Mars may increase risk of leukemia in humans

Trip to Mars may increase risk of leukemia in humans

596

Lady among four injured in Srinagar’s Nishat road mishap

19/01/2021
LAWDA demolishes several illegal constructions, faces stiff resistance during the drive

LAWDA demolishes several illegal constructions, faces stiff resistance during the drive

19/01/2021
China’s mobile phone shipments down 20.8% in 2020

China’s mobile phone shipments down 20.8% in 2020

19/01/2021
After win series: BCCI announces Rs 5 crore bonus for Team India

After win series: BCCI announces Rs 5 crore bonus for Team India

19/01/2021

Recent News

Lady among four injured in Srinagar’s Nishat road mishap

19/01/2021
LAWDA demolishes several illegal constructions, faces stiff resistance during the drive

LAWDA demolishes several illegal constructions, faces stiff resistance during the drive

19/01/2021
China’s mobile phone shipments down 20.8% in 2020

China’s mobile phone shipments down 20.8% in 2020

19/01/2021
After win series: BCCI announces Rs 5 crore bonus for Team India

After win series: BCCI announces Rs 5 crore bonus for Team India

19/01/2021
Fast Kashmir

Follow Us

Browse by Category

  • Business
  • Culture
  • Entertaintment
  • Featured
  • Health
  • International
  • Jammu
  • Kashmir
  • Kashmir Gallery
  • Ladakh
  • Lifestyle
  • National
  • Opinion
  • Others
  • Picture Gallery
  • Politics
  • Sports
  • Technology
  • Top News
  • Travel
  • Uncategorized
  • Urdu

Recent News

Lady among four injured in Srinagar’s Nishat road mishap

19/01/2021
LAWDA demolishes several illegal constructions, faces stiff resistance during the drive

LAWDA demolishes several illegal constructions, faces stiff resistance during the drive

19/01/2021
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2020 Fast Kashmir - Premium WordPress theme by GITS.

No Result
View All Result

© 2020 Fast Kashmir - Premium WordPress theme by GITS.