'Firms with turnover of up to ₹25L to be out of GST'
Small firms having an annual turnover of up to ₹20-₹25 lakh will be exempted from the GST, and the Centre and the states are likely to agree to this, Revenue Secretary Hasmukh Adhia said on Thursday. Notably, the current threshold for the Value-Added Tax (VAT), which will be subsumed into the GST, is ₹10 lakh in most of the states.