Most items of daily use of the poor and middle class are now in the 0% or 5% tax slab.
Cinema goers who were subjected to multiple taxes up to 50% are mostly paying much lower tax at 12% now
Exemptions from GST for small businesses has been doubled from ` 20 lakh to ` 40 lakh.
Further, small businesses having turnover up to ` 1.5 crore have been given an attractive composition scheme wherein they pay only 1% flat rate and have to file one annual return only.
Similarly, small service providers with turnover upto `50 lakhs can now opt for composition scheme and pay GST at 6% instead of 18%.
