Small businessmen benefit from the decision of the GST Council
According to the decision of the GST Council, now such suppliers whose turnover of goods and services is less than Rs 40 lakh and Rs 20 lakh respectively, then they will not need GST registration. This will come into effect from January 1, 2023.
Union Minister of Commerce and Industry Piyush Goyal (Piyush Goyal) said on Thursday that the decision to ease the process for intra-state supplies will give an opportunity to companies to engage in e-commerce and this will benefit small traders in the fast-growing online space. GST Council , GST Council) has decided to ease the process for intra-state supplies to be made through e-commerce portal. The government is constantly making efforts to help small businessmen, this decision taken by GST will help them to take advantage of technology. Today itself, the Prime Minister has said in a function that the government is changing policies to help small businessmen. Which will help them to increase their business.
What is the decision of the GST Council
Giving relief to small traders, the GST Council has announced relief regarding intra-state supplies through e-commerce portal. Under this, now such suppliers whose turnover of goods and services is less than Rs 40 lakh and Rs 20 lakh respectively, then they will not need GST registration. This will come into effect from January 1, 2023. Goyal said this on the sidelines of the unveiling of the Business Reform Action Plan 2020 evaluation report released by Finance Minister Nirmala Sitharaman. He said that this decision will prove to be a picture changer for the success of the government’s Open Network for Digital Commerce (ONDC) platform. Goyal said, this decision will bring small retailers into the e-commerce ecosystem. This will benefit the handicrafts, handloom, textile and small retailers the most.
Will help small businessmen in expansion
On the other hand, at a function today, Prime Minister Modi indicated to continue changes in policies for small businessmen and said that such steps are being taken which will help MSMEs in expansion. He informed that in order to strengthen the MSME sector, in the last 8 years, the government has increased the budget for the sector by more than 650 percent. He said that the sector’s share in India’s economy is one-third, but these small and medium industries are an increasing basis of India’s development journey.