City bizmen are anxiously awaiting April 1 as new GST norms are going to come into effect with the begining of the new financial year. Some of the key changes which are going to be implemented include introduction of composition scheme for service providers, enhancement in the exemption limit from GST, increase in turnover limit for composition scheme.
Member of United Cycle and Parts Manufacturers Association, Kulpreet Malhotra, said, “There are several changes which were announced by the Union government in its interim budget and all of these are going to come into effect from April 1. These changes combined give a huge benefit to businessmen, particularly the enhancement of turnover limit from Rs 1 crore to Rs 1.5 crore under composition scheme.”
Speaking to TOI, Rahul Sagar, a machine tool manufacturer said, “We are eagerly waiting for the start of new financial year when new guidelines will come into effect in India. I think the norm of doubling the exemption limit for GST registration from Rs 20 lakh to Rs 40 lakh will be very relieving for the small businessmen as now more of such category businessmen will be out of GST purview.”
Abhinav Khurana, a software developer, said, “The most awaited change under GST norms is the introduction of the composition scheme for the service providers as this was not applicable till now. Though the turnover limit of coverage under this scheme has been kept at Rs 50 lakh, it will still benefit the service industry by a good margin”.