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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...
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...
Reasons for GST Cancellation There are various reasons for GST cancellation which are as follows – Persons registered under any of the previous tax laws are not liable for registration under GST act. For example– The threshold limit for registration of already registered persons under VAT was Rs...
Details of services and goods that will be subjected to GST or which will be exempted from GST. On the Threshold limit below which, services and goods will be exempted from GST. On GST rates including floor rate with bands of GST and any special rate for the time being to arrange resourc...
The requirement for GST Registration in Singapore is mandated by the turnover threshold set by the authorities. Here, turnover means annual taxable turnover earned through taxable supplies of goods and services by an entity. The threshold limit in Singapore is set at $1 million. ...
The extension in registration threshold limit, introduction and extension of composition scheme to service providers have been taken well by the taxpayers, which proved to be a significant relief measure for MSMEs. Moreover, offering speedy solutions to the MSMEs' issues, GoI has already constituted...
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...
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#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...