Revenue exemption limit at Rs 20 lacs in GST: Jetly

TIL Desk Business/ New Delhi- In a big step forward on GST implementation, the Centre and states today reached an agreement on keeping traders with annual revenue of up to Rs 20 lakh out of the new national sales tax regime that will subsume all cesses.

While the two sides, at the meeting of the GST Council, agreed on the contentious issues of revenue threshold – below which traders will be exempted from GST, and sharing of administrative powers, the all crucial GST rates will be decided in the meeting to be held on October 17-19.

The newly constituted Council decided to keep the revenue exemption limit at Rs 20 lakh for all states with the exception of north eastern and the hill states where the limit will be Rs 10 lakh, Finance Minister Arun Jaitley said here.

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