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Current Affairs - 2019
What is the threshold limit of GST registration according to 32nd Meeting of GST Council?
20 Lakh
30 Lakh
35 Lakh
40 lakh

Correct Answer : Option (D) - 40 lakh

The 32nd Meeting of GST Council was concluded in New Delhi. The Limit of annual turnover for composition scheme increased to 1.5 crore rupees effective from April 1, 2019. The Council has decided to increase the GST registration threshold limit to 40 lakh rupees from 20 lakh. The Taxpayers who are giving Services of up to Rs 50 lacs per annum will be taxed under 6% under Composition Scheme. The council has decided to simplify the compliance under the composition scheme.

Published On : July 10, 2021