Reduce GST slabs, hike exemption threshold for firms with up to Rs 1.5 cr turnover: GTRI

• GTRI suggested reforms for GST, including increasing exemption limit for firms with up to Rs 1.5 crore turnover, reducing slabs, and eliminating state-wise registration.
• GST, launched in 2017, has over 1.46 crore registrations and collected Rs 20.18 lakh crore in FY24.
• GTRI emphasized the need to simplify GST rules to promote inter-state trade and suggested increasing the exemption limit for firms with annual turnover of up to Rs 1.5 crore.
• This could benefit the MSME sector and lead to increased tax collection. GTRI also recommended reducing GST on basic food items, healthcare services, and educational materials to make them more affordable.

Source A2ztaxcorp

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