Even loan deposits counted as GSTable income: LoP
Bengaluru, July 19 -- Senior BJP leader and Karnataka Legislative Council LoP Chalavadi Narayanswamy today expressed concern over the widespread confusion and panic caused among small traders and vendors across Karnataka, following the issuance of GST-related notices by the State Government allegedly based on Centre's directives.
Addressing a press briefing, Narayanswamy said that notices have been served even to those whose turnover falls well below the GST threshold, particularly those between Rs 20 lakh and Rs 40 lakh annually, a move he termed as "inconsistent" with central government norms.
"As per Central Government policy, GST registration becomes mandatory only when turnover crosses Rs 1.5 crore, and even then only 1% tax is levied....
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