“It will bring small retailers into the e-commerce ecosystem,” he said, adding that handicrafts, handlooms, textiles and small retailers would be the major beneficiaries.
The GST Council has decided to ease the process of intra-state supplies made through e-commerce portals.
Now, such suppliers will not be required to obtain GST registration if their turnover for goods and services is less than Rs 40 lakh and Rs 20 lakh respectively. It will be effective from 1 January 2023.
GST Council defers tax on casinos, lotteries; GoM will submit report by July 15
Union Finance Minister Nirmala Sitharaman said that the GST Council on Wednesday deferred the decision to impose 28 percent tax on casinos, online gaming, horse racing and lotteries. He told reporters that a group of ministers headed by Meghalaya Chief Minister Conrad Sangma has been asked to reconsider the presentations of stakeholders on the evaluation mechanism and submit their report by July 15.
The minister was speaking at the inauguration business improvement action plan 2020 Evaluation report released by Finance Minister Nirmala Sitharaman.
Goyal further said that the decision to rationalize GST rates on cut and polished diamonds will help boost the growth of the sector.
“This will give a big boost to the industry. These decisions will lead to huge job opportunities,” he said.