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2014-11-17

Rs 10 lakh GST threshold needs fresh look: Govt

Various undersized states raise concerns over keeping the limit to Rs 10 lakh

The government has raised concerns over limiting the threshold turnover at Rs. 10 lakh for levying the Goods and Services Tax (GST) and urged the committee to review the issue in a proper manner, according to a PTI report.

In an interaction with FMs, the centre has expressed that the issue needs to be sorted as soon as possible and therefore put forth the proposal that there should not any sort of delay in meeting of the Committee on Dual Control, Threshold and Exemptions.

The PTI report stated that the cost of collection of revenues from small traders and dealers is disproportionately high as compared to the revenue collected from them and therefore the centre directed to keep the limit high.

“States are collecting just 2 per cent of their revenue from traders/ dealers having their annual turnover between Rs 10 lakh and Rs 25 lakh, while this group comprises nearly 60 per cent of all their tax payers. Keeping the threshold limit at Rs 10 lakh would mean that any dealer with a daily turnover of Rs 2,800 would come under the GST net,” the govt said.

However, amidst a lot of discussion on increasing the limit of threshold to Rs 25 lakh, various undersized states raise concerns over keeping the limit to Rs 10 lakh.

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