GST exemption limit may be raised to Rs 25 lakh
Updated: May 11, 2013 03:07:52pm
New Delhi, May 11 (KNN) The empowered committee of State Finance Ministers has resolved to seek changes in the threshold for goods and services tax to Rs 25 lakh per annum from Rs 10 lakh earlier.
This would mean that the businesses whose annual turnover is less Rs 25 lakh will not be subjected to the Goods and Services Tax (GST).
“The Rs 10 lakh threshold contemplated earlier can be raised in view of inflation. The decision is yet to be taken,” Chairman of the empowered committee and Bihar Deputy Chief Minister Sushil Kumar Modi said after the meeting of the high power panel.
The proposed GST will combine the sales tax and the excise duties of the State and the Centre and make the tax regime easier for the industry and trade.
However, the ambitious tax reforms have not taken off because of wide differences between States and the Centre on serious issues. (KNN)
This would mean that the businesses whose annual turnover is less Rs 25 lakh will not be subjected to the Goods and Services Tax (GST).
“The Rs 10 lakh threshold contemplated earlier can be raised in view of inflation. The decision is yet to be taken,” Chairman of the empowered committee and Bihar Deputy Chief Minister Sushil Kumar Modi said after the meeting of the high power panel.
The proposed GST will combine the sales tax and the excise duties of the State and the Centre and make the tax regime easier for the industry and trade.
However, the ambitious tax reforms have not taken off because of wide differences between States and the Centre on serious issues. (KNN)
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