How much gst exemption do you have?

[Kevin]

I’m trying to understand how much GST exemption do you have and what the current threshold limits are. Can someone explain the minimum turnover required for GST registration, and how much GST exemption is available for small businesses or individuals? Also, do these limits differ based on business type or location?

 

[Emly]

In India, GST exemption limits are:

• ₹40 lakh turnover for businesses dealing in goods (most states)
• ₹20 lakh for services
• ₹10 lakh in special category states

 

[Selina]

In India, GST registration is generally required if your annual turnover exceeds ₹40 lakh for goods (₹20 lakh for services), though for special category states it’s lower (₹20 lakh for goods, ₹10 lakh for services). If you’re below this limit, you don’t need to register, so effectively your entire turnover is “GST-exempt” from compliance. There’s also the Composition Scheme for small businesses (up to ₹1.5 crore turnover, ₹50 lakh for services), where you pay a lower fixed GST rate with simpler filing. The limits do vary slightly based on whether you’re selling goods or services and your state, so it’s worth double-checking based on your exact setup.

 

[robertwilliam]

The exemption of GST is based on your turnover and type of business. In India, GST does not require small businesses with a yearly turnover of less than 40 lakh (20 lakh in case of services) to be registered. States of special category have lower limits. Voluntary registration is however permitted in case you wish to enjoy input tax credit.

 

[Oscar]

GST exemption depends on turnover thresholds set by the Goods and Services Tax Council. Businesses below ₹40 lakh (goods) or ₹20 lakh (services) generally don’t need GST registration, with lower limits in special category states.

 

[Jonycooper]

For GST exemption in India, your kind of business activity and annual turnover matter. If the annual turnover of your business activity is under ₹40 Lakh for goods and ₹20 Lakh for services, then your business will be exempted from GST registration. There are special cases for some categories of states, whose limit is even less than this amount. Besides, there are some specific products that do not attract GST at all. The composition scheme of tax rates can also be taken advantage of in certain circumstances.

 

[MitchelThe]

"Hey everyone, I just wanted to chime in here. The GST exemption threshold in Canada is currently $30,000 for most businesses, which means you don't have to charge GST on sales under that amount. However, some industries like construction and telecommunication have lower or no exemption thresholds. It's worth double-checking the CRA website for the most up-to-date info."

 

[Peter]

GST exemptions depend on your country and business type. For example, in India, small businesses with turnover up to ₹40 lakh or certain essential goods are exempt from GST.