What would be the threshold limit for GST?
- Raghuveer Kamath
Read our full coverage on Union Budget
Rachna Nath, Partner and Leader Retail & Consumer, PwC India: The finance ministry had proposed a threshold limit of Rs 25 lakh for GST. Since states have a significant number of VAT dealers with turnover between Rs 10 to 25 lakh, the empowered committee of state finance ministers in its meeting in August 2014 recommended a threshold limit of Rs 10 lakh for general category states and a lower threshold of Rs 5 lakh for special category and North Eastern states.
- Raghuveer Kamath
Read our full coverage on Union Budget
Rachna Nath, Partner and Leader Retail & Consumer, PwC India: The finance ministry had proposed a threshold limit of Rs 25 lakh for GST. Since states have a significant number of VAT dealers with turnover between Rs 10 to 25 lakh, the empowered committee of state finance ministers in its meeting in August 2014 recommended a threshold limit of Rs 10 lakh for general category states and a lower threshold of Rs 5 lakh for special category and North Eastern states.
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According to the Finance ministry the Rs 10 lakh threshold limit for imposition of GST proposed by states is ‘too low’ for creating a business friendly tax administration. Therefore, it is consistently pushing for the higher threshold limit of Rs 25 lakh.
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