The GST Council on Thursday doubled the Goods and Services Tax (GST) exemption limit for small and medium enterprises (SMEs) from April 2019, according to sources. Besides, companies with up to Rs 4 million turnover in a year will be exempted from GST payment. Relief for the real estate sector is also likely within a month, sources added.

Finance Minister Arun Jaitley said last month the government was working towards a single national sales tax rate which could be a mid-point between 12 and 18%. The government set the range for GST from 28% to 5% on most items when the reform was introduced last year.

“A future road map could well be to work towards a single standard rate instead of two standard rates of 12 percent and 18 percent. It could be a rate at some mid-point between the two,” Jaitley had said.

He added that the country should look towards having slabs of zero, five percent and a standard rate for luxury and sin goods (alcohol, drugs, cigarettes, etc.).#casansaar (Source - LiveMint)