SUMMARY OF MONETARY LIMITS UNDER GST
Title Provision Amount Remarks
Composition Every person with aggregate turnover in state/UT not exceeding the limit may ` 75 Lakhs (8 Special Persons whose aggre-
levy u/s 10(1) of opt for composition scheme if he is satisfying other eligibility criteria. States) or ` 1.5 Cr (For gate turnover exceeds
CGST Act rest of country) the prescribed limit
shall immediately out
of the composition
scheme.
Service Exempt Services provided by Central Government, State Government, Union territory Less than ` 5,000
from Tax or a local authority to a business entity, where the consideration for such
services is less than ` 5,000
Service Exempt Services by a hotel, inn, guest house, club or campsite, by whatever name Below or equal to `
from Tax called, for residential or lodging purposes, having value of supply of a unit of 1000 per day
accommodation is below or equal to ` 1000 per day
Service Exempt Service by an unincorporated body or a non-profit entity registered under any
from Tax law for the time being in force, to its own members by way of reimbursement
of charges or share of contribution— Upto ` 7500 per
upto an amount of ` 7,500 per month per member for sourcing of goods or month
services from a third person for the common use of its members in a housing
society or a residential complex.
Service Exempt Services by an acquiring bank, to any person in relation to settlement of an Upto ` 2000 in a "acquiring bank"
from Tax amount upto ` 2000 in a single transaction transacted through credit card, debit single transaction means any banking
card, charge card or other payment card service. company, FI including
NBFC or any other
person, who makes
the payment to any
person who accepts
such card.
Service Exempt Services of Life Insurance Business Max ` 2,00,000
from Tax Life micro-insurance product as approved by the Insurance Regulatory and
Development Authority, having maximum amount of cover of `2,00,000
Service Exempt Services provided by a goods transport agency for categories are
from Tax
1. goods, where consideration charged for the transportation of goods on Not exceed ` 1500
a consignment transported in a single carriage
2. goods, where consideration charged for transportation of all such goods Not exceed ` 750
for a single consignee
Service Exempt Services provided by an incubate- Not exceed ` 50 lakhs
from Tax Services provided by an incubate up to a total turnover of ` 50 lakhs in a during preceding year
financial year subject to the following conditions, namely :—
4.1 © THARUN RAJ
, a.the total turnover had not exceeded `50 lakhs during the preceding financial Not exceed `50 lakhs
year; and during preceding
b. a period of 3 years has not elapsed from the date of entering into an year.
agreement as an incubates.
Service Exempt Services by an artist by way of a performance in folk or classical art forms of- Consideration However, the exemp-
from Tax (a) music, or charged for such tion shall not apply to
(b) dance, or performance Not service provided by
(c) theatre, exceed ` 1,50,000 such artist as a brand
if the consideration charged for such performance is not more than ` 1,50,000. ambassador.
Service Exempt Renting Services -
from Tax Services by a person by way of-
a) conduct of any religious ceremony;
b)renting of precincts of a religious place meant for general public, owned or
managed by an entity registered as a charitable or religious trust under
section 12AA of the Income-tax Act, 1961 or a trust or an institution regis-
tered under section 10[23C) (v) of the Income-tax Act or a body or an
authority covered under section 10[23BBA) of the said Income-tax Act.
However, nothing contained in entry (b) of this exemption shall apply to-
I. renting of rooms where charges are ` 1,000 or more per day; ` 1000 or more per
day
II. renting of premises, community halls, kalyan mandapam or open area, and ` 10000 or more per
the like where charges are ` 10,000 or more per day; day
III. renting of shops or other spaces for business or commerce where charges are ` 10000 or more per
` 10,000 or more per month. month
Gifts by Where value of 'gift' not exceeding `50,000 is provided by employer to ` 50,000 Value of gift if exceeds
employer to employee in a financial year, same would not qualify as 'supply'. `50,000, entirely
employee taxable
Person availing The declaration shall be duly certified by a practicing CA or a CMA if the More than INR
ITC in respect of aggregate value of the claim on account of central tax, State tax, Union territory 2,00,000
inputs held in tax and integrated tax exceeds INR 2,00,000.
stock by way of
ITC-01, when he
applies within 30
days from the
day he become
liable
Registration u/s Every registered person is liable to get registered if his aggregate turnover For Goods - (a) If the aggregate
22 exceeds the following limit. ` 40,00,000 turnover does not
For Goods and/or exceeds the limit.(or)
services - ` 20,00,000 (b) If he is not covered
The limit of getting registered in special category states if exceeds. ` 10,00,000 u/s 24 (or)
4.2 © THARUN RAJ
Title Provision Amount Remarks
Composition Every person with aggregate turnover in state/UT not exceeding the limit may ` 75 Lakhs (8 Special Persons whose aggre-
levy u/s 10(1) of opt for composition scheme if he is satisfying other eligibility criteria. States) or ` 1.5 Cr (For gate turnover exceeds
CGST Act rest of country) the prescribed limit
shall immediately out
of the composition
scheme.
Service Exempt Services provided by Central Government, State Government, Union territory Less than ` 5,000
from Tax or a local authority to a business entity, where the consideration for such
services is less than ` 5,000
Service Exempt Services by a hotel, inn, guest house, club or campsite, by whatever name Below or equal to `
from Tax called, for residential or lodging purposes, having value of supply of a unit of 1000 per day
accommodation is below or equal to ` 1000 per day
Service Exempt Service by an unincorporated body or a non-profit entity registered under any
from Tax law for the time being in force, to its own members by way of reimbursement
of charges or share of contribution— Upto ` 7500 per
upto an amount of ` 7,500 per month per member for sourcing of goods or month
services from a third person for the common use of its members in a housing
society or a residential complex.
Service Exempt Services by an acquiring bank, to any person in relation to settlement of an Upto ` 2000 in a "acquiring bank"
from Tax amount upto ` 2000 in a single transaction transacted through credit card, debit single transaction means any banking
card, charge card or other payment card service. company, FI including
NBFC or any other
person, who makes
the payment to any
person who accepts
such card.
Service Exempt Services of Life Insurance Business Max ` 2,00,000
from Tax Life micro-insurance product as approved by the Insurance Regulatory and
Development Authority, having maximum amount of cover of `2,00,000
Service Exempt Services provided by a goods transport agency for categories are
from Tax
1. goods, where consideration charged for the transportation of goods on Not exceed ` 1500
a consignment transported in a single carriage
2. goods, where consideration charged for transportation of all such goods Not exceed ` 750
for a single consignee
Service Exempt Services provided by an incubate- Not exceed ` 50 lakhs
from Tax Services provided by an incubate up to a total turnover of ` 50 lakhs in a during preceding year
financial year subject to the following conditions, namely :—
4.1 © THARUN RAJ
, a.the total turnover had not exceeded `50 lakhs during the preceding financial Not exceed `50 lakhs
year; and during preceding
b. a period of 3 years has not elapsed from the date of entering into an year.
agreement as an incubates.
Service Exempt Services by an artist by way of a performance in folk or classical art forms of- Consideration However, the exemp-
from Tax (a) music, or charged for such tion shall not apply to
(b) dance, or performance Not service provided by
(c) theatre, exceed ` 1,50,000 such artist as a brand
if the consideration charged for such performance is not more than ` 1,50,000. ambassador.
Service Exempt Renting Services -
from Tax Services by a person by way of-
a) conduct of any religious ceremony;
b)renting of precincts of a religious place meant for general public, owned or
managed by an entity registered as a charitable or religious trust under
section 12AA of the Income-tax Act, 1961 or a trust or an institution regis-
tered under section 10[23C) (v) of the Income-tax Act or a body or an
authority covered under section 10[23BBA) of the said Income-tax Act.
However, nothing contained in entry (b) of this exemption shall apply to-
I. renting of rooms where charges are ` 1,000 or more per day; ` 1000 or more per
day
II. renting of premises, community halls, kalyan mandapam or open area, and ` 10000 or more per
the like where charges are ` 10,000 or more per day; day
III. renting of shops or other spaces for business or commerce where charges are ` 10000 or more per
` 10,000 or more per month. month
Gifts by Where value of 'gift' not exceeding `50,000 is provided by employer to ` 50,000 Value of gift if exceeds
employer to employee in a financial year, same would not qualify as 'supply'. `50,000, entirely
employee taxable
Person availing The declaration shall be duly certified by a practicing CA or a CMA if the More than INR
ITC in respect of aggregate value of the claim on account of central tax, State tax, Union territory 2,00,000
inputs held in tax and integrated tax exceeds INR 2,00,000.
stock by way of
ITC-01, when he
applies within 30
days from the
day he become
liable
Registration u/s Every registered person is liable to get registered if his aggregate turnover For Goods - (a) If the aggregate
22 exceeds the following limit. ` 40,00,000 turnover does not
For Goods and/or exceeds the limit.(or)
services - ` 20,00,000 (b) If he is not covered
The limit of getting registered in special category states if exceeds. ` 10,00,000 u/s 24 (or)
4.2 © THARUN RAJ
