The Assam assembly on Wednesday passed an important amendment in the state GST Act by exempting GST registration for companies, traders, dealers having upto Rs 20 Lakh turnover per annum said Himanta Biswa Sarma.
This will benefit thousand of small and marginal tax payers.
Assam assembly also passed amendment of State GST Act to broaden ambit of composition from present Rs 75 Lakh to Rs 1.5 cr.
Now the trading community has to pay a lumpsum of 1% for turnover of upto Rs 1.5 cr and manufacturers will pay lumpsum of 2% of normal
The Assembly also passed an enabling amendment mandating only a quarterly return filing with monthly payment of tax for all tax payers with turnover upto Rs 1.5 cr annually. This will reduce compliance burden on small and medium tax payers.