The first meeting of Goods & Services Tax (GST) Council has decided to exempt businesses with annual turnover below uline{1cm} out of the GST net.

2016

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

The first meeting of Goods & Services Tax (GST) Council has decided to exempt businesses with annual turnover below _________ out of the GST net.

A	Rs.10 lakh
B	Rs.20 lakh
C	Rs.30 lakh
D	Rs.50 lakh

Explanation:

Detailed explanation-1: -Persons providing services need to register if their aggregate turnover exceeds Rs. 20 lakh (for normal category states) and Rs. 10 lakh (for special category states).

Detailed explanation-2: -Salary Account. HOW TO CALCULATE AGGREGATE TURNOVER FOR GST REGISTRATION? A business whose aggregate turnover in a financial year exceeds Rs 20 lakhs has to mandatorily register under Goods and Services Tax. This limit is set at Rs 10 lakhs for North Eastern and hilly states flagged as special category states.

Detailed explanation-3: -Goods and Services Tax (GST) was urged and provided a go-ahead in 1999 during a meeting between Prime Minister Atal Bihari Vajpayee and his economic advisory panel.

Detailed explanation-4: -The Union Finance Minister is the head of the GST Council while the First Meeting of the council was held on 22nd and 23rd September 2016 in New Delhi.

There is 1 question to complete.