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<h1>Government Eases GST Burden on Small Businesses with Exemptions and Rate Reductions; New Turnover Limits Announced.</h1> The government has addressed small business concerns regarding GST exemptions and rate reductions. GST rates were determined based on prior indirect tax incidences. Small businesses with annual turnovers below Rs. 20 lakh (Rs. 10 lakh for special category states) are exempt from GST registration. A composition scheme allows eligible businesses to pay reduced tax rates: 2% for manufacturers and 1% for traders, with turnover limits increased from Rs. 50 lakh to Rs. 75 lakh, except in special category states. These measures aim to protect small businesses, as stated by the Minister of State for Finance in a parliamentary response.
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