FM Announces Simplified Registration for Small Firms, Exemption for Training Partners
In a series of announcements following the 55th GST Council meeting, Finance Minister Nirmala Sitharaman shared key decisions aimed at simplifying the GST process for small businesses and skill training providers.
FM confirmed that the Council has approved a concept note that aims to simplify the GST registration process for smaller companies.
In another major decision, Sitharaman announced that skilled training partners will be exempt from GST.
However, she clarified that a notification will be issued to formalise this exemption.
On the topic of the compensation cess, Sitharaman stated that there is no specific timeline for the Group of Ministers (GoM) to address the issue.
The Council has yet to finalise any changes regarding the compensation cess.
Separately, the Central Board of Indirect Taxes and Customs (CBIC) clarified that the compensation cess on SUVs will be applied prospectively, with no retrospective impact on vehicles that have already been sold.
