Difference between Threshold limit and Base year revenue

Posted on 11 June 2022 Category : GST terms difference

How to differentiate Base year revenue with Threshold limit?

What is Base year revenue? How does Threshold limit work under GST regime? What are the difference between Base year revenue and Threshold limit?

Under GST system, the following information explains about Base year revenue and Threshold limit.

As per GST terms, Base year revenue means Subject to the provision of sub-sections (2), (3), (4), (5) and (6), the base year revenue for a State shall be the sum of the revenue collected by the State and the local bodies during the base year and Threshold limit means limit which allows the person to do business without obtaining registration under GST. The base year revenue for a State shall be the sum of the revenue collected by the State and the local bodies during the base year, on account of the taxes levied by the respective State or Union and net of refunds, with respect to the following taxes, imposed by the respective State or Union, which are subsumed into goods and services tax,

Threshold limit means limit which allows the person to do business without obtaining registration under GST.

The details about Base year revenue and Threshold limit with simple language from GST terms have been mentioned in this web blog separately. I suggest you to read these articles on Base year revenue and Threshold limit, so as to enable you to have a clear idea on these GST terms.

For your immediate reference, we give below web links on Base year revenue and Threshold limit separately below. You may kindly read the below links to know more about Threshold limit and Base year revenue.

Base year revenue under GST

Revised Threshold limit under GST

The above information easily explains about Threshold limit and Base year revenue.

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