The GST Council, which has representatives from all the states and two union territories, fixed the threshold for GST applicability at Rs 20 lakh. This is Rs 5 lakh less that the Rs 25 lakh that was being considered. On Thursday, the GST Council, in its first meeting, had failed to reach a consensus on GST exemption limit. For North-Eastern states, the threshold limit was fixed at Rs 10 lakh, twice of the Rs 5 lakh that was under deliberation. In Thursday's meeting there were considerations of fixing the GST exemption limit at Rs 10 lakh or Rs 25 lakh.

Source: dna September 23, 2016 08:48 UTC