Threshold limit under GST to take registration has now been increased to Rs. 40 lakhs (exclusively for goods supplier)



1. Threshold limit under GST to take registration has now been increased to Rs. 40 lakhs (Any person, who is engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed forty lakh rupees) Notification No. 10/2019-Central Tax dated 07 March 2019


Note: Threshold limit of Rs. 40 lakhs does not apply on Service provider or works contractor.


2. The GST Council in its 32nd meeting held on 10th January, 2019 had taken various decisions, inter-alia, increase in threshold limit for GST registration, composition scheme for service providers, etc. These decisions have been made effective from 1st April, 2019 through the notifications issued on March 7, 2019


3. Turnover Limit to opt for Composition Scheme has now been increased to Rs. 1.5 Crore 

The Central Govt. on recommendations of the GST Council has specified that an eligible registered person whose aggregate turnover in preceding financial year did not exceed Rs. 1.5 Crore, may opt for paying tax under composition scheme.

Published by Business So Simple

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