INSUBCONTINENT EXCLUSIVE:
Goods and Services Tax: Firms with annual turnover of less than Rs 20 lakh are exempted from GSTAs GST or Goods and Services Tax completes
one year today, several Union ministers including Prime Minister Narendra Modi took to microblogging site Twitter to hail the achievements
under the current indirect tax regime
"One nation, one tax and one market due to GST has led to economic growth, simplicity for people and transparency in the economy," said
formalisation and greater tax compliance
Mr Jaitley said total tax base has increased
been added with GST and 350 crores of invoices have been processed, according to the Prime Minister's official Twitter account
mentioned some other achievements of the GST:Opportunities for small and medium enterprises: Businesses with annual turnover of less than Rs
20 lakh are exempted from GST, and entities with annual turnover of Rs 1.5 crore need to file return in GSTR 1 form only on quarterly
basis.On ease of doing business, it said that more than Rs 45,000 crore of GST refunds have been disposed off till date.
