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                    GST - Threshold limit for Registration  In Goods and service Tax laws, a person who carries on any activity for the furtherance of business, for a consideration liable to collect and pay GST to Government. In order to provide relief to small Businesses, a threshold limit has been incorporated in laws. A Business whose turnover does not exceed the  aforesaid limit doesn’t need to get register, but voluntarily any business can get registered. Who is liable to get register? Every supplier is liable to get registered under GST laws, if aggregate turnover of the business exceeds 20 lacs during the financial year, provided in case of special category states, the threshold limit is 10 lacs. For the purpose of this proviso, special category states include Mizoram, Tripura, Manipur and Nagaland. Also Read:  https://savvytaxcorp.blogspot.com/2020/02/bu-dget-2020-highlights-finance.html Also, any person who is engaged in the exclusive supply

Bu dget 2020 highlights Finance Minister  Nirmala Sitharaman  today presented the Union Budget 2020-21 in the Lok Sabha. This is the second budget after Narendra Modi led National Democratic Alliance returned to power for a second term.  Sitharaman today also proposed new income tax slabs and lower rates. These income tax rates are optional and are available to those who are willing to forego some exemptions and some deductions. Here are the highlights of Budget 2020 Manufacturing Ø Scheme focused on encouraging manufacture of mobile phones, electronic equipment and semiconductor packaging to be introduced Ø To encourage private sector to build Data Centre Parks throughout the country Ø 80 billion ($1.13 billion) over five years to be provided for quantum technologies and applications Ø Milk processing capacity to be doubled by 2025 More airports, highways Ø India to develop 100 more airports by 2024 Ø India to monetize over 6,000 km of highways i