Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: ACCOUNTING STANDARDS :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: form 3cd :: articles on VAT and GST in India :: VAT Audit :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: empanelment
 
 
« Service Tax »
 Recovery Of Tax Under Model Gst Law
 Income Tax officials hunt for Mumbai’s ‘ghost’ assessee
 GST delay to impact Budget
 If GST not rolled out by Sept, there won't be taxation in country, warns Jaitley
 India’s E-Service Tax Will Add To Foreign Content Providers’ Woes
 GST Council to discuss model laws, tax jurisdiction today
 Tax Invoice Under GST
 Insurance may fall under 12% tax slab in GST, from 14% service tax currently
 GST draft makes it must for companies to pass tax benefit to consumers
 To speed passage, Government plans GST Bills as money Bills
 No service tax on train tickets booked through IRCTC till December 31

GST Update 3 - GST threshold
June, 15th 2015

As per the official sources:

  1. Traders with a turnover of less than ₹ 10 lakh a year are neither required to pay GST nor to take registration for it.
  2. Those with annual sales between ₹ 10 lakh and ₹ 50 lakh will need to pay tax at a rate lower than standard GST rate.
  3. However, the concessional tax rate would not be available for traders making inter-State transactions irrespective of their turnover.
  4. The quantum of concession will be decided by proposed GST Council which will also determine standard GST rate.
  5. For Northeastern States, the threshold could be ₹ 5 lakh.
  6. This proposed minimum turnover levels for GST mean two things:
  • Thousands of small traders below annual sales of ₹ 10 lakh would go out of the tax net as in many State VAT threshold is ₹ 5 lakh.
  • Some of the tiny manufacturing units will come under the tax net given that the Central Excise duty is now payable only for units with ₹ 1.5 crore turnover.

[Source: The Indian Express, New Delhi, dated 9-5-2015]

 

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions