"To our surprise, out of 7 lakh, 5 lakh people had filed such return for the quarter which results into annual turnover of less than Rs 5 lakh. Up to Rs 20 lakh (annual turnover) there is no need to register in GST," Finance Secretary Hasmukh Adhia said at an industry meet.He said if the annual turnover of a company is Rs 5 lakh, why would it register under GST. "We didn't know this statistics, when we increased the limit for availing composition scheme to Rs 1.5 crore. "5 lakh businesses showing less than Rs 5 lakh annual turnover. And the average of 7 lakh businesses, was coming to Rs 14 lakh (turnover)," Adhia said.

Source: Economic Times February 06, 2018 09:00 UTC