GST council sets exeption threshold at Rs 20 lakh, rate to be decided in October

The GST Council decided to keep the revenue exemption limit at Rs 20 lakh for all states with the exception of north eastern and the hill states where the limit will be Rs 10 lakh, said Arun Jaitley.

By: PTI | New Delhi | Updated: September 23, 2016 7:14 pm
GST, GST bill, GST implementation, India Tax, India Tax regime, GST news, GST threshhold, GST rates, GST rates, latest India news, news Union Finance Minister Arun Jaitley. (Source: PTI)

In a big step forward on GST implementation, the Centre and states on Friday reached an agreement on keeping traders with annual revenue of Rs 20 lakh out of the new national sales tax regime that will subsume all cesses.

While the two sides, at the meeting of the GST Council, agreed on the contentious issues of revenue threshold – below which traders will be exempted from GST, and sharing of administrative powers, the all crucial GST rates will be decided in the meeting to be held on October 17-19. (Click here to read more)