New Delhi, Aug 7 (IANS) The government on Tuesday introduced four bills in the Lok Sabha to amend GST laws to increase the upper limit of turnover for opting for composition scheme.
The amendments, among other things, seek to raise the turnover threshold from Rs 1 crore to Rs 1.5 crore.
The Central GST (Amendment) Bill, Integrated GST (Amendment) Bill, Union Territory GST (Amendment) Bill and GST (Compensation to States) Amendment Bill were tabled by Finance Minister Piyush Goyal.
The minister said the bills would help the micro, medium and small enterprises.
The GST Council in its July 21 meeting had recommended several amendments to GST laws including raising the turnover threshold for registering as composition dealers who are supposed to file quarterly returns instead of monthly returns.
The Council had also recommended amendments to the GST laws to allow taxpayers to opt for multiple registrations within a state or union territory in respect of multiple places of business located within the same state.