GST THRESHOLD FIXED AT 20 LAKH BUT IS IT ADEQUATE ? Read more: GST THRESHOLD FIXED AT 20 LAKH BUT IS IT ADEQUATE ?

In the first meeting of GST council certain decisions were taken at by consensus and not by voting. In a big step towards the implementation of GST, the Centre and the states agreed on two crucial issues:
  • i) Revenue threshold limit for exemption from GST, and
  • ii) Sharing of administrative powers between the Centre and States.
Revenue threshold for GST exemption fixed at Rs 20 lakh for all States except north-eastern and hill States wherein the limit is Rs 10 lakh.
After reading this news ,many service provider are happy as turnover limit under service tax was 10 lakh but wait ,meaning of turnover has been changed as per model GST law(MGL) .Further 20 lakh limit also includes sale of material also.

 

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