Meaning
This crucial provision in the Goods and Services Tax (GST) regime offers relief to small businesses.Core Definition
Threshold Exemption means businesses with aggregate turnover below a specified limit are exempt from GST registration and compliance, reducing their tax burden and complexities.Eligibility Criteria
The annual aggregate turnover limit is typically ₹20 lakh (₹10 lakh for special category states). Businesses must operate below this threshold.Implications and Benefits
It provides relief to micro and small enterprises. Exempted entities don’t need to charge GST or file GST returns.Author
