Turnover limit for GST registration

There would be two thresholds for exemption from registration and payment of GST for the suppliers of goods i.e. Rs 40 lakh and Rs 20 lakh. States would have an option to decide about one of the limits. The threshold for registration for service providers would continue to be Rs 20 lakh and in case of special category states Rs 10 lakhs. Also the GST Composition Scheme, under which small traders and businesses pay a 1 percent tax based on turnover, can be availed by businesses with a turnover of Rs 1.5 crore, against the earlier Rs 1 crore, with effect from April 1.