GST Council Meet Held

The Goods and Services Tax Council, in its second day of meeting, has struck political consensus on the GST threshold limit.

Finance Minister Arun Jaitley said that the threshold limit has been set at Rs 20 lakh.

For North-Eastern and other small states, the limit is Rs 10 Lakh.

If a trader’s turnover is less than the threshold limit per annum, he won’t be covered under the indirect tax reform.

The financial year ending March 31, 2016 will be the base year for making revenue projection.

The Council will meet again on September 30 to finalise draft rules on exemptions.

It will meet between October 17-19 to discuss rates.