What are the benefits available to small tax payers under the GST regime?


Tax payers with an aggregate turnover in a financial year up to [Rs.10  lakhs] would be exempt from tax.[Aggregate turnover shall include the aggregate value of all taxable and non-taxable supplies, exempt supplies and exports of goods and/or services and exclude taxes viz. GST.] Aggregate turnover shall be computed on all India basis. For NE States and Sikkim, the exemption threshold shall be [Rs. 5 lakhs]. All taxpayers eligible for threshold exemption will have the option of paying tax with input tax credit (ITC) benefits. Tax payers making inter-State supplies or paying tax on reverse charge basis shall not be eligible for threshold exemption.


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Gurjot kaur   14 Dec 2020 4:30pm
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