New Delhi: The Modi government at the Center has made several big announcements in the hit of taxpayers on Monday. In this series, it has been announced to give exemption from GST to businessmen with annual income up to Rs 40 lakh. Earlier this period was up to 20 lakh rupees. Apart from this, businessmen whose annual income is up to Rs 1.5 crore can opt for composition scheme. After choosing this scheme, they have to pay tax at the rate of only one percent.

In addition, people with a turnover of up to Rs 1.5 crore can opt for the composition scheme and pay just 1% tax. According to the Finance Ministry, the taxpayer base has almost doubled since the introduction of GST. At the time of its implementation, the number of assessments covered by GST was around 65 lakhs. Now it has increased to more than 1.24 crores. All processes in GST are fully automated.

Meanwhile, former Governor of Reserve Bank of India (RBI) D. Subbarao has said that the country's prospects of economic growth in the short and medium-term have not been cleared yet. The financial activities that are increasing after the lockdown should not make much sense, as they are going on without any special effort.

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