New Delhi, Aug 20 (IANS) The Empowered Committee (EC) of state finance ministers Wednesday resolved to lower the threshold limit for imposing the proposed Goods and Services Tax (GST) from Rs.25 lakh (Rs.2.5 million) to Rs.10 lakh (Rs.one million) and asked that states be given the legal powers to collect tax from businesses with annual turnover of up to Rs.1.5 crore (Rs.15 million). “So far as threshold limit is concerned, it was decided that it should be Rs.10 lakh in respect of general category of states and Rs.5 lakh for special category and NE states,” EC Chairman Abdul Rahim Rather told mediapersons here after the meeting. As per their recommendation, GST would not be imposed on businesses with an annual turnover of less than Rs.10 lakh.
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