NASHIK: Trade and industry bodies have hailed the decision of GST Council to increase the exemption and composition limit of the tax, saying that it will definitely help small traders and businessmen.The GST Council decided on Thursday provided relief to trade, micro and small enterprises. It has decided to increase the GST exemption limit from Rs 20 lakh to Rs 40 lakh. Moreover, it has increased the composition scheme limit from Rs 1 crore to Rs 1.5 crore. This will come into effect from the next financial year 2019-20.“The decision will benefit the small traders who have annual turnover up to Rs 40 lakh. Moreover, it will also give tax benefits to those having an annual turnover up to Rs 1.5 crore,” said Santosh Mandlecha, state president, Maharashtra Chamber of Commerce, Industry & Agriculture (MACCIA).Prafulla Sancheti, president, the Nashik Grocery Wholesale Merchants’ Association, also expressed happiness over the decision of the GST Council. “Demonetisation had badly hit the trade sector and it is still facing its effects to some extent. The government has now given some relief to small businesses.”Manish Rawal, chairman, infrastructure committee of Nashik Industries & Manufacturers’ Association (NIMA), also hailed the the GST Council decision, saying that it will be a big relief for small trade and businesses.The Nashik divisional office of the Central GST has jurisdiction of five districts —Nashik, Ahmednagar, Dhule, Jalgaon and Nandurbar. The jurisdiction of the Nashik divisional office of the state GST department is also the same.There are over 91,433 businesses registered with GST, with the maximum 58,126 registered with the Nashik divisional office of the state GST while 33,307 were registered with the Nashik divisional office of the central GST.

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