GST threshold limit set!!

Greater relief to small traders and service providers has been granted as threshold exemption limit under GST has been decided to be Rs. 20 lakhs unlike the prevailing limit of Rs.10 lakhs. Though limit of 20 lakhs is a sign of relief to the taxpayers in general but for north-east States the limit has been kept at Rs.10 lakhs.

Council also decided various administrative issues relating to indirect taxation.The States would have sole jurisdiction over assessees (currently in the Value Added Tax [VAT] net at present) having a turnover of Rs.1.5 crore or less, while the administrative control of businesses with a turnover exceeding that limit would be jointly with the Central and State governments, Mr. Jaitley said.

Source :-http://www.thehindu.com/business/Economy/gst-council-sets-exemption-threshold-for-tax-at-rs20-lakh/article9141310.ece

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