Ministerial panel meets to discuss on GST relief to MSMEs

Chennai: Two ministerial panels under the GST Council will meet today to decide on hiking the exemption threshold for MSMEs and feasibility of levying calamity cess under the new indirect tax regime, officials said.

The six-member Group of Ministers (GoM) on MSME, headed by Minister of State for Finance Shiv Pratap Shukla, would deliberate on the problems faced by micro, small and medium enterprises (MSMEs) under GST and scope for hiking exemption threshold for such units.

Currently, businesses with annual turnover of up to Rs 20 lakh are exempt from the Goods and Services Tax (GST).

The other members of the MSME GoM, which was constituted in August last year, are Bihar Deputy Chief Minister Sushil Modi, Assam Finance Minister Himanta Biswa Sarma, Delhi Deputy Chief Minister Manish Sisodia, Kerala Finance Minister Thomas Isaac and Punjab Finance Minister Manpreet Singh Badal.

Another GoM, headed by Sushil Modi, on levy of calamity cess under GST too is scheduled to meet on 6 January, the officials added.

NT Bureau