How will GST benefit the small entrepreneurs and small traders?
Question 6
Bill
Frequently Asked Questions (FAQ) GST
FAQ [OLD] on Goods and Services Tax (GST) – (December 2015)
Q 6: How will GST benefit the small entrepreneurs and small traders?
\nAns: The present threshold prescribed in different State VAT Acts below which VAT is not applicable varies from State to State. The existing threshold of goods under State VAT is ₹ 5 lakhs for a majority of bigger States and a lower threshold for North Eastern States and Special Category States. A uniform State GST threshold across States is desirable and, therefore, the Empowered Committee has recommended that a threshold of gross annual turnover of ₹ 10 lakh both fo<\/p>\n
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