The two-day meeting of GST council that started on Thursday has come up with a striking news and has given an exact limit on which the threshold amount has been set.
According to the Finance Minister, Arun Jaitley, the threshold limit has been set at Rs 20 lakh, and for the North-Eastern dealers the threshold limit is Rs. 10 Lakh. As conclusion said, if the turnover doesn’t cross the mentioned figures, the taxation won’t be applied.
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For the information, the current financial year i.e. March 31, 2016, will be the base year for the projection of revenue and further taxation regime. The GST council has decided to hold a meeting on 30 September to finalize draft rules on exemptions. And further meeting regarding the tax rates will be held from October 17-19.
