CURRENT AFFAIRS

Detailed explanation-1: -Basic exemption limit for suppliers of goods will be increased from Rs 20 lakhs to Rs 40 lakhs. However, this limit remains Rs 20 lakhs for suppliers of services. For the special category States, the limit for registration is currently at Rs 10 lakhs.

Detailed explanation-2: -The Central Government has decided to provide two threshold limit for GST registration for suppliers of goods, Rs. 20 lakhs and Rs. 40 lakhs. However, each of the individual State Governments must decide on the threshold limit within a week as the State’s revenue is also tied to GST.

Detailed explanation-3: -The 32nd GST Council Meeting was held today on 10th January, 2019 in New Delhi. This meeting was chaired by the Finance Minister of India, Arun Jaitley. Many decisions favorable to businesses were taken in the meeting.

Detailed explanation-4: -As per Section 23 of the CGST Act, every person is required to obtain the GST registration if his turnover from supply of goods or services exceeds Rs. 20 lakhs. This threshold limit has been increased to Rs. 40 lakhs only if supplier is engaged in supply of goods.

Detailed explanation-5: -Businesses that register for the Goods and Services Tax with an Aadhaar number will obtain approval in seven working days.