Chief Minister Yogi Adityanath has hailed the GST Council’s decision to keep small companies with turnover of less than Rs 40 lakh out of the ambit of goods and services tax, saying the decision will help MSME sector and small traders.
“Prime Minister Narendra Modi deserves all credit because the proposal was mooted by him. This decision of the GST Council will help the Micro, Small and Medium Enterprises (MSME) sector to generate more employment opportunities,” Yogi said in a statement issued here on Thursday.
He said the GST Council’s decision to increase the composition limit of traders from existing Rs 1 crore to Rs 1.50 crore was praiseworthy.
Meanwhile, Uttar Pradesh’s Finance Minister Rajesh Agarwal, who attended the 32nd GST Council meeting, said the Council had accepted the demands of the UP government to exempt singhara (water chestnut) and handmade soap from GST.
“This will help poor people and local artisans,” Agarwal said.