GST exemption for traders having turnover up to 25 lakhs


GST exemption for traders having turnover up to 25 lakhs: Hasmukh Adhia


GST exemption for traders having turnover up to 25 lakhs: Hasmukh Adhia
The Revenue Secretary, Hasmukh Adhia said that small traders having annual turnover of up to Rs 20-25 lakh will be exempted from GST and the Centre and the states are likely to agree to this limit.
Currently, the threshold limit for imposition of VAT is Rs 10 lakh in most of the States.
He said the incidence of tax on most items would come down on implementation of GST. He also said that a 24X7 call centers will be opened in every state to answer queries relating to GST. Similarly, call centers will also be opened for answering questions on GSTN for payment of taxes.
Adhia said the filing of GST return would be easy as the software will be simple that can be used by a layman.
September 2, 2016
Source: www.businesstoday.in 

Published by Business So Simple

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