MUMBAI: The Minister of State for Finance, Shiv Pratap Shukla, on Monday said the Centre would keep revising the tax slabs as far as the Goods and Service Tax (GST) is concerned.
“We will keep revising the tax slabs. These are not fixed norms. People’s comfort is our priority and we will decide according to that,” Shukla told the media.
Shukla was present as the bell-ringing ceremony of the Bombay Stock Exchange (BSE), here. He rang the opening bell.
On Friday, the GST Council raised the composition scheme threshold for businesses to Rs. 1 crore, which will allow them to pay a tax of 1 per cent to 5 per cent, without having to deal with a three-stage filing process.
In compliance with the latest recommendations by the council, small and medium-sized enterprises (SMEs) with an annual turnover of Rs. 1.5 crore will be allowed to file their returns quarterly instead of filing it every month.