India raises GST threshold
- Mar 18, 2019 | Richard Asquith
India has increased the Goods and Services Tax (GST) registration threshold to INR 40 lakhs. This will apply from 1 April 2019.
The measures was announced by the GST Council, which oversees the running of the indirect tax, introduced in 2017.
Businesses above this threshold, but still below INR 50 lakhs, are eligible for the flat rate scheme whereby they charge 6% on all turnover, but are unable to reclaim GST suffered.
The Council also confirmed for small businesses that the 2019 quarter 2 GSTR-1 return, which declares sales and purchases, will not be due until 31 July 2019. Any taxpayer above INR 1.5 crores must file by 11 July.