Request a demo

Thank you for your response

Our representative will get in touch with you shortly.

Please Fill the Details to download

Thank you for your response

GST to have Smaller Assessee Base as compared to Current IDT Universe

Updated on:  

08 min read

Updates from 11th May, 2017

GST will subsume all the present indirect taxes; however, the tax universe for the new tax regime will be smaller than that of VAT and Service Tax combined. Due to the threshold being increased to 20 lakhs, as many as two-thirds of the current taxpayers registered under VAT and Service Tax will not need to register under GST.

This does not mean that the country is set to lose revenue, cause most of the revenue comes from the taxpayers who are in the above 1.5 crores annual threshold range.

As reported in Financial Express

inline CTA
India’s Fastest and Most Advanced 2B Matching
Maximise ITC claims, use smart validations to correct your data and complete 2B matching in <1 minute