GST Council sets the threshold limit has been set at Rs.20 Lakhs. The Finance Minister Mr.Arun Jaitley informed media after the Council Meet.

The threshold limit for North Eastern States is set at Rs.10 Lakhs.

If a trader’s turnover is less than the threshold limit, they will not be covered under the GST.

It is also decided that the State Government authorities will have jurisdiction over assessees having turnover less than Rs. 1.50 Crores. Those with turnover above Rs.1.50 crores there will be cross examination by either Central or State Government authorities in order to avoid dual control. However the power to assess the 11 lakh service tax assessees who are assessed by centre, will remain with it.

The draft rules of exemption will be decided in the next meeting scheduled on September 30th, 2016. The rates and the tax slabs will be decided at the three day meeting of the council to be held from 17th October, 2016.

Small traders having an annual turnover up to Rs 25 lakh will be exempted from goods and services tax and the Centre and states are likely to agree to this limit, Revenue Secretary Hasmukh Adhia said on Thursday. ‘There will be an exemption limit

Source: Small traders to be exempted from GST: Adhia

KNOW YOUR DUE DATES
Sep-16
DATE	COMPLIANCE REQUIRED	FORM NO. / CHALLAN NO.
06-09-16	EXCISE: E-PAYMENT OF EXCISE DUTY FOR AUGUST 2016	GAR 7
	SERVICE TAX: E-PAYMENT OF SERVICE TAX FOR AUGUST 2016 BY CORPORATES
07-09-16	INCOME TAX: DEPOSIT OF TDS/TCS COLLECTED DURING AUGUST 2016	281
	INCOME TAX: DUE DATE FOR FURNISHING OF CHALLAN-CUM-STATEMENT IN RESPECT OF TAX DEDUCTED UNDER SECTION 194-IA IN THE MONTH OF AUGUST 2016	26QB
10-09-16	EXCISE: MONTHLY RETURNS FOR PRODUCTION AND REMOVAL OF GOODS AND CENVAT CREDIT FOR AUGUST 2016	ER 1
	EXCISE: MONTHLY RETURNS OF EXCISABLE GOODS MANUFACTURED & RECEIPT OF INPUTS & CAPITAL GOODS BY UNITS IN EOU, STP, HTP FOR AUGUST 2016	ER 2
	EXCISE: MONTHLY RETURNS OF INFORMATIONS RELATING TO PRINCIPAL INPUTS FOR AUGUST 2016 BY MANUFACTURER OF SPECIFIED GOODS WHO PAID DUTY>=RS. 1 CRORE DURING FY 2015-16 BY PLA/CENVAT/BOTH	ER 6
15-09-16	KERALA VAT: MONTHLY RETURNS OF EVERY DEALER WHOSE ANNUAL NET TAX PAYABLE FOR THE PRECEDING YEAR WAS RS.10 LAKHS & ABOVE FOR THE MONTH OF AUGUST 2016	10, 10B, 10C, 10D, 10E, 10F
	INCOME TAX: SECOND INSTALMENT OF ADVANCE TAX	16
	EPF: PAYMENT OF EPF CONTRIBUTION FOR AUGUST 2016
	EPF: CONSOLIDATED STATEMENTS OF DUES AND REMITTANCES UNDER EPF AND EDLI FOR AUGUST 2016	12A
	EPF: MONTHLY RETURNS OF EMPLOYEES WHO JOINED/LEFT THE ORGANISATION IN AUGUST 2016	5/10
20-09-16	KERALA VAT: MONTHLY RETURNS OF EVERY DEALER WHOSE ANNUAL NET TAX PAYABLE FOR THE PRECEDING YEAR WAS MORE THAT RS.2 LAKHS AND LESS THAN RS.10 LAKHS FOR THE MONTH OF AUGUST 2016	10, 10B, 10C, 10D, 10E, 10F
	CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING AUGUST 2016  IF THE MODE OF PAYMENT OF VAT AND CST IS BY CASH/CHEQUE/DD	FORM 1 / FORM I
21-09-16	ESI: DEPOSIT OF ESI CONTRIBUTIONS AND COLLECTIONS FOR AUGUST 2016
22-09-16	INCOME TAX : DUE DATE FOR ISSUE OF TDS CERTIFICATE FOR TAX DEDUCTED UNDER SECTION 194-IA IN THE MONTH OF AUGUST 2016	16B
25-09-16	KERALA VAT: MONTHLY RETURN OF  EVERY DEALER WHOSE ANNUAL NET TAX PAYABLE FOR THE PRECEDING YEAR WAS LESS THAN RS.2 LAKHS FOR THE MONTH OF AUGUST 2016	10, 10B, 10C, 10D, 10E, 10F
30-09-16	INCOME TAX: DUE DATE FOR DEPOSIT OF TAX DEDUCTED AT SOURCE UNDER SECTION 194-IA FOR THE MONTH OF AUGUST 2016	26QB
	INCOME TAX: AUDIT REPORT U/S 44AB FOR THE AY 2016-17 IN THE CASE OF A CORPORATE ASSESSEE OR NON-CORPORATE ASSESSEE	3CA/3CB/3CD
	INCOME TAX: STATEMENT BY SCIENTIFIC RESEARCH ASSOCIATION, UNIVERSITY, COLLEGE OR OTHER ASSOCIATION OR INDIAN SCIENTIFIC RESEARCH COMPANY AS REQUIRED BY RULES 5D,5E AND 5F(IF DUE DATE OF SUBMISSION OF ROI IS 30-09-2016)
	INCOME TAX: STATEMENT TO BE FURNISHED TO ACCUMULATE INCOME FOR FUTURE APPLICATION U/S. 10(21) OR 11(2)	10
	INCOME TAX: SUBMIT COPY OF AUDIT OF ACCOUNTS TO SECRETARY, DEPARTMENT OF SCIENTIFIC AND INDUSTRIAL RESEARCH IN CASE COMPANY IS ELIGIBLE FOR WEIGHTED DEDUCTION U/S 35(2AB) [IF COMPANY DOES NOT HAVE ANY INTERNATIONAL/SPECIFIED DOMESTIC TRANSACATION]
	INCOME TAX: APPLICATION FOR EXERCISING THE OPTION AVAILABLE UNDER EXPLANATION TO SECTION 11(1) TO APPLY INCOME OF PREVIOUS YEAR IN THE NEXT YEAR OR IN FUTURE	9A
	INCOME TAX: LAST DATE FOR RETURN OF INCOME FOR THE PY.2015-16 IN CASE OF AN ASSESSEE (WHOSE BOOKS OF ACCOUNTS ARE REQUIRED TO BE AUDITED) AND WORKING PARTNER OF A FIRM WHOSE ACCOUNTS ARE REQUIRED TO BE AUDITED	ITR 3/4/5/6/7/8