GST Exemption threshold fixed at Rs 20 lakh

By | November 5, 2016

Exemption threshold for GST fixed at Rs 20 lakh

The Goods and Services Tax Council has struck political consensus on the GST threshold limit which has been set at Rs 20 lakh. It mean that if a company has a turnover of 20 lakh rupees and above they have to pay GST.

  1. GST Exemption Threshold limit of Rs 20 Lakh fixed . It means if Traders under GST has turnover above Rs 20 Lakh they  have to Pay GST.
  2. GST Exemption Threshold limit is not same across India.
  3. For 11 States GST Exemption threshold limit shall be Rs 10 Lakh. ( it Includes 7 north Eastern States and four hilly states.
  4. Assessees with turnover below Rs 1.5 Crores will be assessed by State Authorities. Assessees with turnover above Rs 1.5 crore under GST,  there will be cross empowerment of States and Center.

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