The Centre on Thursday announced that traders who have a turnover below Rs 20 lakh per annum will have to register for the Goods and Services Tax, reported ANI. Revenue Secretary Hasmukh Adhia said that such traders will have to apply for GST if they want to do business with other states.
The GST Council had in 2016 decided that businesses in the Northeastern and hill states with annual turnover below Rs 10 lakh would be out of the GST net, while the threshold for the exemption in the rest of India would be an annual turnover of Rs 20 lakh. “For GST, the exemption threshold is fixed at Rs 20 lakh,” Council Chairperson and Union Finance Minister Arun Jaitley had said.
Adhia had on Tuesday said the GST regime had been successfully implemented and that the price and supply situation was being closely monitored. A central monitoring panel will meet every Tuesday, the revenue secretary had said, adding that manufacturers will have to advertise the change in the prices of their products.
Adhia would also be holding “masterclasses” on GST for six days at the National Media Centre in New Delhi to clear any doubts about the new tax law. “The government is committed to make the GST an all-out success and not let the lack of any clarity or information act as a hurdle,” a senior government official said.