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GST THRESHOLD AT ’10 LAKH, LOWER RATES FOR TURNOVER UP TO ’50 LAKH

GST THRESHOLD AT 10 LAKH, LOWER RATES FOR TURNOVER UP TO 50 LAKH

  • Traders with a turnover of less than 10 lakh a year are neither required to pay GST nor to take registration for it.
  • Those with annual sales between 10 lakh and  50 lakh will need to pay tax at a rate lower than standard GST rate.
  • However, the concessional tax rate would not be available for traders  making inter-State transactions irrespective of their turnover.
  • The quantum of concession will be decided by proposed GST Council which will also determine standard GST rate.
  • For Northeastern States, the threshold could be 5 lakh.

This proposed minimum turnover levels for GST mean two things:

  • Thousands of small traders below annual sales of 10 lakh would go out of the tax net as in many State VAT threshold is  5 lakh.
  • Some of the tiny manufacturing units will come under the tax net given that the Central Excise duty is now payable only for units with 1.5 crore turnover.

GST THRESHOLD Limit

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