3. What Is the GST Registration Threshold Limit? Businesses with an aggregate turnover of less than ₹40 Lakh (in case of exclusive supply of goods) (₹20 lakh if the business operates in the states of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, ...
Threshold Limit: Entities whose annual gross revenue exceeds ₹5 crore require the generation of e-invoices for all B2B transactions. Previous Threshold: Previously, before the amendment in August 2023, the threshold was set at ₹10 crore. ...
Under Goods And Services Tax (GST), businesses whose turnover exceeds the threshold limit of Rs.40 lakh or Rs.20 lakh or Rs.10 lakh based on the criteria, must register as a normal taxable person. It is called GST registration. What is registration under GST act? Registration of any bus...
Businesses whose turnover does not exceed the prescribed threshold limit and those engaged exclusively in exempted goods or services are not required to register for GST. Can I get multiple GST registrations within a state? No, a taxpayer can have only one GST registration per state or union te...
GST is mandatory for startups if their annual turnover exceeds the threshold limit or if they are involved in inter-state supplies, e-commerce transactions or reverse charge mechanisms. 4. How do startups get tax-exempt? Startups can get tax-exempt under the Startup India initiative if th...
Irrespective of the threshold limit GST registration is mandatory for the following: Individuals engaging in interstate taxable supply (with a threshold of ₹20 lakhs/₹10 lakhs applicable for interstate supply of taxable services, specified handicraft goods, and handmade goods) Casual taxable perso...
A taxpayer registered under GST has to file his/her GSTRs on a monthly or quarterly basis in addition to one annual return if his turnover surpasses the threshold limit. However, if the taxpayer fails to file the relevant returns, he/she receives a government notice in GSTR 3A. So, we...
This system will only be applicable to those whose turnover threshold is above the determined limit i.e. the government will set a threshold limit for them. An official said that the businesses that will fall under a certain threshold will be given a unique number whenever an e-invoice will...
This registration is mandatory if your business meets a certain threshold and is needed to comply with GST laws. Who should obtain the GST registration? If your aggregate turnover in a financial year meets the government-set threshold limit, you must undergo the registration process. This turn...
When the business turnover of a GST registered person is below the threshold limit. Non-filing of GST return When GST registration obtained by an individual by means of fraud, willful misstatement or suppression of facts. Non-compliance of GST rules & provisions. ...