GST Update 3 - GST threshold

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..... GST Update 3 - GST threshold - Goods and Services Tax - GST Dated:- 15-6-2015 - News - As per the official sources: Traders with a turnover of less than ₹ 10 lakh a year are neither required to pay GST nor to take registration for it. Those with annual sales between ₹ 10 lakh and ₹ 50 lakh will need to pay tax at a rate lower than standard GST rate. However, the con .....

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..... cessional tax rate would not be available for traders making inter-State transactions irrespective of their turnover. The quantum of concession will be decided by proposed GST Council which will also determine standard GST rate. For Northeastern States, the threshold could be ₹ 5 lakh. This proposed minimum turnover levels for GST mean two things: Thousands of small traders .....

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..... below annual sales of ₹ 10 lakh would go out of the tax net as in many State VAT threshold is ₹ 5 lakh. Some of the tiny manufacturing units will come under the tax net given that the Central Excise duty is now payable only for units with ₹ 1.5 crore turnover. [Source: The Indian Express, New Delhi, dated 9-5-2015] This is just for your reference. It does not cons .....

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..... titute our professional advice or recommendation. CA Akash Phophalia 9799569294 [email protected] Office No 3, Second Floor Amrit Kalash, Residency Road Near Bombay Motor Circle Jodhpur 342001 Rajasthan - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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