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News GST

  • Sep 22, 2016
  • GST: States want to tax business with turnover below Rs 1.5 crore

    The state governments are likely to pitch for exclusive rights to tax businesses with turnover below Rs 1.5 crore, as the newly constituted GST Council holds its first meeting here from September 22 to 23.
    Currently, Rs 5-10 lakh is the threshold for VAT in most states while manufacturing units with turnover at or above Rs 1.5 crore attract excise duty, and service tax is payable by units with revenue of Rs 10 lakh and above.

    Source - http://www.financialexpress.com