On the second day, the GST or Goods and Services Tax Council, has hit political agreement on the GST threshold boundary.

Meanwhile, Arun Jaitely known as the Finance Minister told to media that, “the threshold limit has been set at Rs 20 lakh”

Well, the limit of Rs.10 Lakh is considered for North-Eastern and other small states.If a trader's income is less than the threshold limit/annum, he won't be enclosed beneath the indirect tax improvement.

The financial year ending March 31, 2016 will be the base year for making revenue outcrop. GST Council will meet again on September 30 to confirm draft rules on releases.