New Delhi: Industry and other stakeholders on Sunday hailed the Goods and Services Tax (GST) Council's move of bringing traders, manufacturers and restaurants below Rs 75 lakh turnover under the Composition Scheme, saying that it will boost small and medium enterprises in the country.
"This is a big decision in favour of traders. Its a people-centric decision, will benefit the common people. The biggest win is for SMEs today. Biggest development for small and medium enterprises (SMEs) and small businesses that contribute on a large scale to the GDP and job sector of the country," West Bengal Finance Minister Amit Mitra told reporters here after the 16th GST Council meeting here.
The Council on Sunday allowed traders, manufacturers and restaurants with turnover of up to Rs 75 lakh to avail of the composition scheme, against Rs 50 lakh earlier.
However, under it, no input tax credit will be made available.
The Council on Sunday also reduced the tax rate for 66 items under GST.
Overall, the decisions in the Council meeting are all positive and demonstrates a constructive dialogue between the government, which should be a key feature of any such reform, he said.
"In terms of rates, the GST Council has reduced the rates for 66 items. The approach seems to have been to address cases where there was an error in the fitment exercise and also to reduce the rate of key products used by the common man. Importantly, the decision demonstrates the welcome approach of the GST Council in hearing industry's issues and addressing concerns, in several cases," Jaising said.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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