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Also, the overall compliance processes for them were simplified.Accordingly, the threshold limit for presumptive taxation of business was raised from Rs 1 crore to Rs 2 crore.Also, to promote a less cash economy, the presumptive profit rate has been reduced from 8% to 6%.
Such a rebate or deduction would amount to the lower of 100% of such income tax or Rs 12,500.
The purpose of such a rebate is to reduce the tax burden of individuals in the lower income bracket.
Additionally, such taxpayers are required to file one tax return only.
Similarly, small service providers with an annual turnover of Rs 50 Lakhs can go for composition scheme.
Further, small businesses with a turnover of Rs 1.50 Crore are given an attractive composition scheme.
According to the scheme, they would be required to pay a flat GST rate of 1%.
For the first time, the benefit of presumptive taxation was extended to small professionals.
The threshold limit for small professionals was thereby fixed at Rs 50 lakh.
Such service providers would now need to pay a GST of 6% instead of 18%.
Thus, with the grant of such GST exemptions and benefits, 35 Lakh small traders, manufacturers and service providers would be benefited.