The 28th meeting of GST Council was held in New Delhi recently. In this meeting, the exemption limit for traders in Assam, Arunachal Pradesh, Himachal Pradesh and Sikkim has been increased from 10 lakh to.....lakh rupees.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The 28th meeting of GST Council was held in New Delhi recently. In this meeting, the exemption limit for traders in Assam, Arunachal Pradesh, Himachal Pradesh and Sikkim has been increased from 10 lakh to____lakh rupees.

A	15 lakh rupees
B	30 lakh rupees
C	25 lakh rupees
D	20 lakh rupees

Explanation:

Detailed explanation-1: -Initially, an annual turnover of ₹ 20 lakhs is within the threshold limit of GST registration for businesses.

Detailed explanation-2: -Aggregate turnover: A service provider, who provides services more than Rs. 20 lakh in a year is required to get GST registration in Assam. Whereas an entity that is engaged in the supply of goods is required to crosses Rs. 40 lakh is required to get the GST registration in Assam mandatorily.

Detailed explanation-3: -As per the latest GST registration limit, any business whose turnover is below ₹ 40 lakhs is exempt from obtaining a registration. This threshold limit is applicable to all states in India, except for the states of Jammu and Kashmir, Himachal Pradesh and Uttarakhand, where the limit is ₹10 lakhs.

Detailed explanation-4: -Income Required for GST Registration A business must register for the Goods and Services Tax if its annual revenue exceeds 20 lakh. The GST registration turnover limit is set at 10 lakhs for North Eastern and hilly states that have been designated as specific states.

There is 1 question to complete.