January 10, 2019 / 9:53 AM / 6 months ago

India doubles tax exemption limit for small businesses- minister

NEW DELHI, Jan 10 (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.

$1 = 70.5450 Indian rupees Reporting by Aftab Ahmed and Manoj Kumar; Editing by Krishna N. Das

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