When is GST Registration Mandatory in India? #Turnover Criteria:-All taxpayers who have an annual turnover above 40 lakhs are required to get new GST registration. For Service supply, Turnover limit is 20 lakhs. #Causal taxpayer:-If you supply goods or services in events/exhibitions where yo...
There are approximately 6 crores of small taxpayers and if talked about Delhi alone, there are lakhs of small taxpayers in the region. There is a deep lack of knowledge on the topic of GST while the government must take note of awareness campaign as soon as possible. Currently, there are ...
If the aggregate turnover (to be computed on all India basis) in a financial year exceeds the specified threshold limit (i.e. Rs 20 lakhs or Rs. 10 lakhs in case of special category States except Jammu & Kashmir Where both the parties i.e. Principal and Job worker are located in diff...
Before introducing and executing GST, the property owner must register for service tax if the total taxable service exceeds Rs.10 lakhs per year, including rental revenue from all properties. On the other hand, the landlord would not be taxed service tax if his total taxable income from all p...
The GST Council's decision to double the exemption limit for micro,small and medium enterprises(MSMEs)from Rs.20 lakhs to Rs.40 lakhs will help small businesses,according to industry players.The Council also raised the annual turnover limit for the Composition Scheme to Rs.1.5-crore from Rs....
8. What if the receiver of goods and/or services who is required to pay tax under RCM himself is an Unregistered Dealer? All taxpayers required to pay tax under reverse charge have to register for GST and the threshold of Rs 40 Lakhs/10Lakhs is not applicable to them. ...
For businesses and individuals engaged in the supply of services, the aggregate turnover limit is INR 20 lakhs (US$28,748) per financial year. For entities involved in the supply of goods in a special category state, the aggregate turnover limit for GST registration is INR 10 lakhs US$(14...
Under the new GST system, the turnover limit for exemption has been raised to Rs. 20 lakhs. This change means that many service providers and small traders are now exempt from GST, simplifying their tax obligations. 2. Eliminates the Cascading Effects of Tax With the introduction of GST, bu...
Threshold Exemption: Small businesses with a turnover below a specified threshold (currently, it is 20 lakhs: supplier of both goods & services and 40 lakhs: for supplier of goods (Intra–State) in India) are exempt from GST. Present Challenges in GST Rates Complexity and Confusion: The exis...
The threshold limit for Jammu and Kashmir GST registration is ₹40 lakhs for businesses involved in supplying goods and ₹20 lakhs for service providers. However, for businesses in special category states, including Arunachal Pradesh, the threshold is ₹20 lakhs for goods and ₹10 lakhs for...