GST Exemption List for Individuals & Small Business

GST (Goods and Services Tax) is an indirect tax levied on the supply of goods and services in India. While GST is applicable to most goods and services, there are certain exemptions provided for individuals and small businesses. Here is a complete summary of the GST exemption list for individuals and small businesses in India:

Small Business Exemption

Small businesses with an annual turnover of up to Rs. 40 lakhs (Rs. 10 lakhs for northeastern states) are exempt from GST registration.

Businesses with a turnover between Rs. 40 lakhs and Rs. 1 crore have the option to register under the Composition Scheme and pay a lower rate of tax.

Exemption for Specific Services

Health care services provided by clinical establishments and authorized medical practitioners are exempt from GST.

Educational services provided by recognized educational institutions, including school education, are exempt.

Services provided by charitable organizations for charitable purposes are exempt.

Exemption for Essential Goods:

Basic food items such as fresh fruits, vegetables, cereals, meat, fish, and milk are exempt from GST.

Essential commodities like salt, jaggery, bread, and newspapers are also exempt.

Exemption for Financial Services

Services provided by the Reserve Bank of India, banks, and other financial institutions are exempt from GST.

Insurance services, including life insurance, are exempt from GST.

Exemption for Transportation

Public transportation services like passenger railways, metro, and local buses are exempt from GST.

Services related to the transportation of goods via road, rail, air, or waterways are exempt.

Exemption for Residential Properties

The sale of residential properties (other than under construction) is exempt from GST.

Renting residential properties for residential purposes is exempt.

Exemption for Personal Services

Services provided by individuals such as haircuts, beauty treatments, and consulting services (excluding legal and accounting services) are exempt from GST.

It's important to note that while these exemptions exist, businesses and individuals may still need to adhere to certain rules and regulations regarding GST compliance. It is advisable to consult with a tax professional or refer to the official GST guidelines for detailed and up-to-date information.

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