Over 2 lakh assessees who migrated from VAT regime opt out of GST net

Over 2 lakh assessees have opted out of the Goods and Services Tax (GST) registration as their turnover is below the prescribed threshold. This will benefit both the taxpayers and the GST Network, the IT back-bone of the new indirect tax regime. These are assessees who migrated from the VAT (Value-Added Tax) regime to the GST regime. A senior Finance Ministry official told  BusinessLine : “Tu…