Exemption to handloom sector from GST
NEW DELHI: Turnover of most of the weavers does not exceed Rs 20 Lakh and therefore they do not require registration under the Goods and Service Tax (GST), said Union Minister of Textiles, Smriti Zubin Irani.
In a written reply to Lok Sabha, she said GST is implemented through an Act of Parliament with states as equal partners in GST Council with Government of India.
GST has been introduced by the Government of India to rationalize multiple taxes on goods & services and to bring transparency in the taxation system. It is applicable to the textile sectors also, including handlooms, Minister added.
GST is an indirect tax (or consumption tax) imposed in India on the supply of goods and services. It is a comprehensive multistage, destination based tax. It is comprehensive because it has subsumed almost all the indirect taxes except few and multi-staged as it is imposed at every step in the production process. And destination based tax, as it is collected from point of consumption and not point of origin like previous taxes.
Source- Knn India.
Click here for more...
from #Bangladesh #News aka Bangladesh News Now!!!