Revenue Secretary, Ministry of Finance, Government of India announced in a recent Press Conference that traders having turnover lesser than Rs 25 lacs per year may be exempted and may register for GST.
Though, a formal notification to this effect is awaited, it is expected that both Centre and State Governments have agreed to this limit. At present, the threshold limit for registration is Rs 10 lacs above which traders have to register with respective Sales Tax Authorities in their State.
Answering Queries, he shared that a 24×7 Call Centre would be opened up to reply to queries on GST and said that incidence of taxes would come down on most items as GST gets implemented. He did not elaborate or share any data to justify how the prices would come down.
under GST act, the threshold limit of registration would be 25 Lacs and there would be 24x 7 call centre helpline to help assessee
Speaking in the conference, he assured that return filing for GST would be simple process and any layman could do so with help of any expert professional. While same had been assured for Simplified Income Tax return forms and it still remains a pipeline dream for many to file return without help of an expert professional, it remains to be seen whether the same would be true in case of GST