Hello Sir, My query is - In existing scenario, the service providers had to pay service tax if turnover was 10 lakh or more. But according to news articles, GST exemption limit is 20 lakh, Does this mean that service providers with turnover less than 20 lakh will need not pay any service tax after GST implemented ? Please provide inforomation
Your understanding is correct, specifically based if you are only service provider. But the transections will include all the services and goods transfers, rental receipts, intangible assets transfer etc. etc. So, if all such values exceed 20L, GST will be applicable.
There are some other points also like interstate transactions etc, where the limit will not be applicable.
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