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Basic exemption under GST

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V Vinodkumar

Proprietor

230 Points Posted on 12 January 2021

basic exemption for sales is already increased to 40 lakhs earlier. But what about turnover limit for service. 20 lakh or 40 lakh P.A.

Replies (5)

Quick Summary

This discussion clarifies the Goods and Services Tax (GST) basic exemption thresholds. While the turnover limit for the supply of goods has been increased to 40 lakhs, the threshold for services remains at 20 lakhs per annum. It's important to note that these figures represent thresholds rather than exemptions.

CA. Sourav Sarkar

Chartered Accountant

24588 Points Posted on 12 January 2021

40 lacs

V Vinodkumar

Proprietor

230 Points Posted on 12 January 2021

Thank you. is there any notification

parmar

student

59 Points Posted on 12 January 2021

T/O upto 40 if exclusively engaged in supply of goods (provided interest on deposit loans advances)
for service is 20lakhs

note: upto 40/20 is not excemption but its threshold so there is difference between excemption nd threshold