GST registration is the process of obtaining a unique identification number for businesses liable to pay Goods and Services Tax (GST). According to GST law, businesses whose turnover crosses the threshold limit of Rs.40 lakh or Rs.20 Lakh or Rs.10 lakh, as the case may be, must register...
For a person required to pay GST under reverse charge mechanism, it is mandatory for him to be registered under GST and is exempted from the threshold limit of Rs. 40 lakh (Rs. 20 lakh for special category states except for J & K) is not applicable to them. ...
#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 you do not have a permanent place of business...
The 32nd meeting of the GST Council that was held recently on 10th January 2018 at New Delhi had introduced several remarkable measures with regard to increasing of the threshold limit of annual turnover for GST registration. The GST council in its 32nd meeting had surprisingly recommended that...
Sections 73 & 74 Changes:Unified time limit and extended penalty payment period from 30 to 60 days. Monetary Limits for Appeals: GST Appeals:Rs.20 lakh for GST Appellate Tribunal, Rs.1 crore for HC, Rs.2 crore for SC. Sections 107 & 112 Amendments:Reduced pre-deposit amounts for appella...
Yes, online businesses operating from home need to register for GST if their turnover exceeds the prescribed threshold limit. Is Aadhaar authentication mandatory for GST registration in Jammu and Kashmir? Yes, Aadhaar authentication of promoters or proprietors is mandatory for GST registration in J&...
Businesses that fall under the threshold exemption limit. Agriculturists. Is GST registration free? Yes, there are no charges for GST registration online. Is a bank account mandatory for GST registration? No, a bank account is not mandatory at the time of GST registration. ...
A few days back, the eligibility limit for GST registration to annual turnover was doubled to 40 lakh from 20 lakh but the e-way bill of Rs 50,000 is applicable on freight. The GST Consultant Rahul Gupta Talking spoke on the same. And if they cannot generate E Waybill how will small...
Businesses with turnover below the exemption limit are not required to register for GST. Turnover Limits and Implications Exemption Threshold:GST registration is not mandatory for businesses with annual turnover below ₹20 lakh (₹40 lakh for goods in some states). ...
Threeshold Exemption Limit Rs.40 lakh or Rs.20 lakh, depending on the state and supply Canadian $ 30,000 £ 85,000 Singapore $ 1 million Liability arises on Accrual basis: Issue of invoice ORReceipt of payment-earlier Accrual basis: The date of issue of invoice OR the date of receipt...