GST exemption limit doubled to ₹40 lakh in relief to small firms

The GST Council on Thursday raised the exemption threshold to ₹40 lakh with effect from April 1. Currently, firms with an annual turnover of up to ₹20 lakh are exempted from registration under GST. The raised exemption limit would allow around 20 lakh small businesses to opt out of GST if they chose to.