Current Affairs - Economy - Discussion

Discussion :: Economy - Latest Current Affairs (Q.No.122)


The exemption limit of which tax is doubled to give relief to small businesses.

[A]. Goods and Service Tax
[B]. Capital Gains Tax
[C]. Corporate Tax
[D]. Value Added Tax

Answer: Option A


Finance Minister Arun Jaitley raised the annual turnover for availing composition scheme to Rs 1.5 crore from Rs 1 crore effective from April 1, 2019, to provide relief to small businesses under Goods and Services (GST) regime. The Goods and Services Tax (GST) exemption limit has been doubled to Rs. 40 lakh annual turnover and Rs 20 lakh for northeastern states.

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