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60% taxpayers may fall out of tax net after exemption limit hike

60% of the registered taxpayers may fall out of the tax net with negligible impact on tax collection after the GST Council in its 32nd meeting decided to hike the exemption limit to Rs 40 lakh and Rs 20 lakh for hilly and small states. As at March 2018, there were over 87 lakh registered dealers with nearly 45 lakh reporting around Rs 20-lakh turnover. Another 10 lakh reported turnover of up to Rs 40 lakh, data accessed by TOI showed. Though the current base of taxpayers is close to 1.2 crore, officials said that the trend is largely similar. 

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