CURRENT AFFAIRS

Detailed explanation-1: -The GST Council doubled the GST exemption limit to Rs 20 lakh for north eastern states and Rs 40 lakh for the rest of the country, Finance Minister Arun Jaitley told reporters here.

Detailed explanation-2: -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-3: -Exemption limit of up to Rs 40 lakhs for making supplies of goods such as ice cream and other edible ice whether or not containing cocoa or Pan Masala or tobacco and tobacco manufactured substitutes for online GST filing under Section 24 of the CGST Act.

Detailed explanation-4: -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-5: -For assesses with a turnover of less than 20 lakhs, GST is not applicable.