India doubles tax exemption limit for small businesses: minister

NEW DELHI (Reuters) – India will exempt small businesses with annual sales of up to 4 million rupees ($56,701) from paying taxes under a national sales tax, the finance minister said on Thursday, a move aimed at wooing a key voting group ahead of a national election.

Currently, firms with an annual turnover of up to 2 million rupees are exempted from registration under a unified national goods and service tax launched in 2017.

Arun Jaitley said the small companies would have the option to opt out of the GST tax net.

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