A firm is in Chit fund business. What are the implications of GST on the commission charged by foreman if their commission is below 20 lacs?
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When a person becomes liable to pay tax on the reverse charge, certain provisions like threshold exemption, time of supply, availing of input credit changes. There is a threshold limit for turnover aggregating to Rs.20 Lakhs for registration for normal tax payers but under reverse charge, there is no such limit.