Two prominent industries bodies of the State — the Federation of Karnataka Chambers of Commerce and Industry (FKCCI) and the Karnataka Small Scale Industries Association (KASSIA) — welcomed the decision of the GST Council to relax the tax exemption limit to ₹40 lakh from the earlier cap of ₹20 lakh.
Sudhakar S. Shetty, president of FKCCI, in a press relase, said the council’s decision will benefit micro, small and medium enterprises and small business, as it will reduce their compliance costs and improve cease of doing business.
KASSIA president Basavaraj Javali said the government has responded to the requests of the SMEs on time and the decision would ease the burden of the micro and small enterprises.