No.PR-222 August 24, 2020 New Delhi PHD Chamber appreciates the Government move to exempt Businesses from GST with turnover up to 40 Lakh Dr. D K Aggarwal, President, PHD Chamber of Commerce and Industry has appreciated the Government for exempting businesses with an annual turnover of up to Rs. 40 lakh from GST from the earlier limit of Rs. 20 lakh in a press statement issued here today. In yet another move to support the small and medium enterprises the Government has provided that those with a turnover up to Rs. 1.5 Crores can opt for the Composition Scheme and pay only 1% tax. The move will benefit small traders and manufacturers and help the Economy. This is indeed a welcome step for the SMEs and businesses which have been grappling with the adverse impact posed by Covid 19. This will provide a much needed boost to the industry in these difficult times, said Dr. D K Aggarwal. Small manufacturers who were feeling overburdened due to the compliance requirements under GST will feel relieved with the Government’s move, he said. This is a right step in reducing evasion and making it a Good & Simple Tax, said Dr. Aggarwal. He further added that the industry would appreciate if the Finance Minister also reduces GST rates by 20% across all sectors as requested by our Chamber in its representation to Ministry of Finance recently. This will help the industry tide over the crisis caused by the pandemic by providing relief in their tax outgoes and also helping in boosting the demand which is at a very low level at this juncture, said Dr. D K Aggarwal. Ends Media Division PHD Chamber of Commerce and Industry
PHD Chamber of Commerce and Industry, established in 1905, is a proactive National Apex Chamber working at the grass-root level and with strong national and international linkages.