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of <h1>GST Unifies State Thresholds at 10 Lakh, Protects Small Traders with 1.5 Crore Central GST Limit, Introduces Composition Scheme.</h1> The Goods and Services Tax (GST) aims to benefit small entrepreneurs and traders by establishing a uniform State GST threshold across all States and Union Territories at a gross annual turnover of 10 lakh for both goods and services. This threshold replaces the varying limits under different State VAT Acts. To protect small traders, the threshold for Central GST on goods is set at 1.5 crore, with a similarly high threshold for services. Additionally, a Composition scheme is proposed to further support small businesses, ensuring their interests are safeguarded under the GST framework.
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