What is the limit for GST exemption?

There has been no change in the threshold limits for service providers. Persons providing services need to register if their aggregate turnover exceeds Rs. 20 lakh (for normal category states) and Rs. 10 lakh (for special category states).

What is the tax on 12 lakhs?

12 lakhs, they will be paying a 30\% tax on Rs. 12 lakhs i.e Rs. 3,60,000….What is the Existing / Old Income Tax Regime?

Income Range	Tax rate	Tax to be paid
Above 10 lakhs	30\%	Rs 1,12,500+ 30\% of income above Rs 10 lakhs

What is the income limit for GST 2021?

How Much GST/HST Credit Will You Get?

Family structure	Adjusted family net income
Single person	$48,012
A single parent with one child	$53,992
A single parent with two children	$57,132
A single parent with three children	$60,272

How much annual income is tax free in India?

Rebate of up to Rs 12,500 is available under section 87A under both tax regimes. Thus, no income tax is payable for total taxable income up to Rs 5 lakh in both tax regimes.

What is tax free income India?

Individuals with Net taxable income less than or equal to Rs 5 lakh will be eligible for tax rebate u/s 87A i.e tax liability will be nil of such individual in both – New and old/existing tax regimes. Basic exemption limit for NRIs is of Rs 2.5 Lakh irrespective of age.

Is GST registration required for a company with more than 20 lakhs?

Yes, Registration would be required if your turnover is more than 20 Lakhs (10 Lakhs for special category states other than State of Jammu & Kashmir). Also refer to section 24 of CGST Act, 2017 for compulsory registration.

How much tax will I pay if I earn 12 lakhs?

Income Tax on Rs 12 lakh income Without Exemptions/Deductions, the tax calculator shows those earning Rs 12 lakh annual income will have to pay Rs 1,19,600 as tax as per the new regime. The tax payable under the old regime without exemptions and deductions will be Rs 1,79,400. Thus the total tax benefit as per new regime would be Rs 59,800.

What is the income limit for GST exemption in Karnataka?

You can avail GST exemption if you earn less than Rs.20 lakh across all financial products irrespective of your physical location. Ask us: I am an IFA from Mysore, Karnataka. My income by way of commission as a mutual fund distributor is around Rs.2 lakh a year. Am I liable to pay GST on my income?

Who is exempted from paying GST under GST?

Initially, the government had allowed distributors who have intrastate services to avail this benefit. However, the government has exempted distributors irrespective of location earning up to Rs.20 lakh from paying GST offering both intrastate and interstate services.