FM announces Rs. 20 lakhs GST exemption threshold, State authorities to assess taxpayers below Rs. 1.5 Cr turnover

Finance Minister Arun Jaitley announces that exemption threshold for GST has been fixed at Rs. 20 lakhs, while threshold in North-East States has been set at Rs. 10 lakhs; Assessees with annual turnover of less than Rs. 1.5 Cr will be assessed by State Authorities; All cesses will be subsumed under the new regime; GST Council will finalise tax rate and slabs at its meeting on October 17 to 19 : PTI ...