GST Threshold limit to be Rs. 25 lakhs
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Dr. Hasmukh Adhia, Revenue Secretary, Government of India spells-out the future road-map for the GST roll-out w.e.f. 1st April, 2017 in a detailed interview with freelance journalist Ms. Manisha Dubey. Interview was organised by the Ministry of Finance in North Block, Delhi.
During the interview Dr. Hasmukh Adhia said that the threshold limit for GST would be around Rs. 25 lakhs. Discussions are on with the States on this limit.
Mr. Adhia has also said that Electricity Tax and Stamp Duty will be out of Ambit of GST.
Mr. Adhia also clarified that CGST, SGST and IGST are one tax only and different name are only for the administrative purpose. He further explained that Rate of IGST will be equal to CGST+SGST. A bill of local sale will contain two items of Tax CGST and SGST which is just to show the share of state in GST collected.
For providing ease of business to indian self-employed people thresh hold exemption limit for GST should be on following lines
For professionals:
For each individual as proprietor Rs.40 lakh without benefit of input credit and
for each partner in a firm or each member of an AOP / BOI Rs.20 lakh without benefit of input credit.
For traders:
Limits must be set according to nature of businenss
for example in case of retailer for each individual as proprietor Rs.100 lakh without benefit of input credit and
for each partner in a firm or each member of an AOP / BOI Rs.50 lakh without benefit of input credit.
Self employed people must be given incentive at least by way of lesser compliance burden.