Home / Knowledge / News / Textiles / GST Council sets exemption limit at Rs 20 lakh
GST Council sets exemption limit at Rs 20 lakh
24
Sep '16
The GST Council has decided to exempt businesses from the Goods and Services Tax (GST) if their annual turnover is less than Rs 10 lakh for northeastern hill states, and Rs 20 lakh for rest of India. Businesses with annual turnover less than Rs 1.5 crore would be assessed by states (in case of goods), while others would be assessed under dual control.
 
“For GST, the exemption threshold is fixed at Rs.20 lakh,” the Council's chairman and Union finance minister Arun Jaitley told reporters after conclusion of the second day of the panel's first meeting. “So those with a turnover of below Rs.20 lakh annually will be exempted from GST. With the north-east states, the exemption threshold is Rs 10 lakh,” Jaitley said.
 
On the issue of administrative control over indirect tax assessees, it was decided that states would have sole jurisdiction over businesses having a turnover of Rs 1.5 crore or less, while the jurisdiction for businesses exceeding that limit would be jointly with the Central and state governments, Jaitley informed.
 
In another major decision, the Council agreed that base year of compensation would be 2015-16. The Council also decided that service tax assesses would be vetted by the Centre. However, since the GST allows the states to also tax services, over time state revenue officials would be trained so they can begin assessing assessees in the service sector.
 
The Council would meet again on September 30 to approve draft rules, and again from October 17-19 to decide rates and slabs. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Pexels

Textiles | On 19th Sep 2018

Punitive PRC tariffs on US goods has extra 5% on textiles

Responding to Washington’s latest duty increase in a dispute with...

Courtesy: Tecnorama

Textiles | On 19th Sep 2018

'Reliability & excellent quality are Tecnorama’s USP'

The complete reliability and excellent quality of Tecnorama systems...

Courtesy:  Stanislav Kondratiev on Unsplash

Apparel/Garments | On 19th Sep 2018

AAFA questions US tariffs on $200 bn Chinese goods

The American Apparel & Footwear Association (AAFA) has questioned...

Interviews View All

Priyanka, Studio Priyanka Rajiv

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Abhishek Samdaria, Reflete

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Karel Williams, Dow Microbial Control

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Kamal Kulshreshth,

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Urmil Arya,

Urmil Arya

Sushila International, a well established textile organisation established ...

Abhishek Pachauri,

Abhishek Pachauri

Reckon Industries is into manufacturing of textile process house machines, ...

Mr Ambrose Chan, DSG International (Thailand) PLC

Mr Ambrose Chan
DSG International (Thailand) PLC

Luis Quijano, Liberty University

Luis Quijano
Liberty University

Focusing on bold patterns and colour palettes, Luis Quijano, a student at...

Giorgio Mantovani, Corman S.p.A

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Adriano Goldschmied, AG Jeans

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Nisha Chanda, Whistling Woods International School of Fashion

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search