India only: Has the GST limit for services been increased to 40 lakhs in the 24 August announcement?
Thread poster: Anil Kelkar

Anil Kelkar  Identity Verified
Local time: 20:25
Member (2002)
German to English
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Sep 17

This post is relevant for those in India only: In late 2018 or early 2019, GST exemption was announced for businesses with a turnover of up to 40 lakhs. However, it was very specifically indicated that the new limit of 40 lakhs (up from 20 lakhs) was NOT applicable to services. On August 24 2020, there was a new announcement from the MoF: "The Ministry of Finance yesterday said that businesses with an annual turnover of up to Rs 40 lakh are GST exempt. Initially, this limit was Rs 20 lakh." Was ... See more
This post is relevant for those in India only: In late 2018 or early 2019, GST exemption was announced for businesses with a turnover of up to 40 lakhs. However, it was very specifically indicated that the new limit of 40 lakhs (up from 20 lakhs) was NOT applicable to services. On August 24 2020, there was a new announcement from the MoF: "The Ministry of Finance yesterday said that businesses with an annual turnover of up to Rs 40 lakh are GST exempt. Initially, this limit was Rs 20 lakh." Was this merely a re-hash of the earlier announcement, or is the service industry now exempt up to 40 lakhs? There is not enough clarity and I am not sure whether there has been an official gazette announcement. Does anyone have any idea?Collapse


 


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India only: Has the GST limit for services been increased to 40 lakhs in the 24 August announcement?

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