Small Online Sellers To Get Relief From the GST Registration

The concept of GST came into light in 2006 by the union minister in a Budget speech for 2006-2007, and it came into operation on midnight of 1 July 2017. The recent GST council meeting gave relief to the small sellers. As per the new rule, The GST is exempted for the sellers with an annual turnover that lies within 40 lakhs for goods and 20 lakhs for services, and these changes will be effective from 1 January 2023.

The two-day 47th council meeting was headed by Finance Minister Nirmala Sitharaman. The council provides the exemption from the mandatory registration under section 24(ix) under certain conditions—turnover should not exceed the specified limit, and the person should not perform any taxable interstate supplies. 

Vidit Aatrey, Founder and CEO of Meesho, said that this change will bring equality between online and offline businesses. He also added that around five crore online businesses are unable to make their business live because of the GST regulations. Because etailers costs increased with GST. Eatilers seek expert advice to get the sellers GST ready. This revolutionary decision can help artisans, boutique, and other small units to enter the business.

MSMEs will get benefitted, and this move will spur the Indian economy. And enables more sellers to shift from online to offline. The council also permitted composition taxpayers to make intra-state supplies through e-commerce operators. 

For the smooth transition to digital India, e-commerce is the key. The government has implemented many schemes that allow easy accessibility of e-commerce to rural areas as well. The recent decision will further promote and develop the concept of digital India throughout the country.