The Finance Minister Sri Arun Jaitly , after the First Meeting Of GST Council has announced today that In the GST regime the Threshold Limit shall be Rs. 20 Lakhs . It means that the persons with annual turnover of supplies of goods or services or both of less than Rs. 20 Lakhs shall be out of the ambit of the GST provided such persons do not execute any inter-State supplies of goods or services or both . It is reiterated that in the existing VAT regime the threshold limit is Rs. 5 lakhs . So this is a big relief to existing small dealers . However such dealers , if they so desire , can still opt for voluntary registration and be part of GST regime . But it shall entirely and squarely depend upon their own sweet will.

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