A relief for the taxpayers as GST council has finalized the threshold limit of Rs. 20 Lakh. As per GST model law liability to pay tax under GST will arise only if aggregate turnover of Supplier exceeds Rs. 10 lakh. For north eastern states including Sikkim it was Rs. 5 lakh. Now this limit has been increased to Rs. 20 Lakh for normal states and Rs. 10 Lakh for North Eastern states. (Source: ET)
It worth mention here that the aggregate turnover will include both taxable and exempt supplies including export supplies but will exclude the following:
-Any tax charged under the CGST Act, SGST Act and IGST Act.
-Value of supplies on which tax has been charged under reverse charge basis.
