Bright Times News: After the GST council meeting, the finance minister made a big announcement in the question and answer session of the journalists. In response to a question from reporters after the second day of the GST Council meeting on Wednesday, Nirmala Sitharaman made a big announcement for online traders in the MSME sector.
There have long been complaints from small online retailers that offline retailers can do retail business up to a certain limit without any registration. However, GST registration was also required for small online businesses. There was anger among these online sellers.
Journalists were informed that the choice had been made following a council meeting discussion of the matter. Online sellers will get the same benefits as offline sellers. In other words, offline people did not have to register for a turnover of less than 40 lakh. But in the case of selling 2 takas online, registration was also required.
Also Read Mukesh Ambani resigns as director of Reliance Jio! Who is the chairman of Reliance Jio?
To give relief to online traders in the MSME (Ministry of Micro, Small and Medium Enterprises) sector, the rules have been changed. With revenue of less than Rs 40 lakh, online vendors would also be permitted to operate their businesses without registering.
However, in the case of off business with a turnover of less than Rs 40 lakh, the same rule that applies to doing business without registration will be the same for online. Keep in mind, that even in the case of offline,
it is possible to do business without GST registration only within the state. The same rule will apply online. In other words, if you want to do business without registration with a turnover of less than 40 lakh, you must do it within the state.
Undoubtedly, this decision is going to greatly benefit the online traders in the MSME (Ministry of Micro, small and Medium Enterprises) sector. According to the council, IT will be set up soon in the wake of this decision. With all the preparations in place in the next few months, it will be possible to sell without online registration from January 1, 2023.
