Table of Contents
Who needs a GST registration number?
According to the Goods and Services Tax Act, 2017, any business with a turnover of Rs. 40 lakh and above must register for GST. For north-eastern and hill states, the turnover threshold for GST registration is Rs. 10 lakh.
Is everyone registered for GST?
Currently, it’s mandatory to register for GST if you expect your annual turnover to be $75,000 or more. However if your turnover will be less than this, registering for GST is optional, and you should consider the cash flow and administrative implications of your decision.
Who are the persons liable and not liable for registration?
As per the said section the following are the persons not liable for registration under GST: Person engaged exclusively in supplying goods or services or both not liable to tax. Person engaged exclusively in supplying goods or services or both exempt from tax.
What is the income limit for GST registration?
A business whose aggregate turnover in a financial year exceeds Rs 20 lakhs has to mandatorily register under Goods and Services Tax. This limit is set at Rs 10 lakhs for North Eastern and hilly states flagged as special category states.
Who are not covered under GST?
Differences Between Exempted Supply, Zero-Rated Supply, and Activities Not covered Under GST
| Zero Rated Supply | Exempt Supply | |
|---|---|---|
| ITC Availability | Available | Not Available |
| Example | Supplies made to SEZ or SEZ Developers | Fresh milk, fruits and vegetables, curd, bread, meat etc. |
Who are the persons exempted from registering with GST?
Persons making Nil-Rated/ Exempt supplies of goods and services. Persons making Non-Taxable/ Non-GST supplies of goods and services. Activities that are neither Supply of Goods nor Services. Persons making only supplies covered under reverse charge.
How do I know if I need to register for GST?
You must register for GST:
- when your business or enterprise has a GST turnover (gross income from all businesses minus GST) of $75,000 or more – see Working out your GST turnover.
- when you start a new business and expect your turnover to reach the GST threshold (or more) in the first year of operation.
Who needs to be registered under GST?
Over the second criteria; as per the GST council, each and every individual which is eligible for TDS (Tax Deducted At Source) needs to be registered under GST. Final – all other organizations which are required to be registered under GST should have an annual turnover exceeding Rs. 20 lakhs or Rs. 10 lakh (for North-Eastern states.)
What is the minimum turnover required for GST registration?
Final – all other organizations which are required to be registered under GST should have an annual turnover exceeding Rs. 20 lakhs or Rs. 10 lakh (for North-Eastern states.) Well, there are numerous other criteria irrespective of annual turnover which might make an organization liable for opting GST registration.
What is the threshold limit for GST registration in Uttarakhand?
Uttarakhand unit falls under a special category state. Hence the threshold limit stays as Rs. 10 lacs to determine GST Registration eligibility In the given case, ABC Pvt. Ltd. would be required to take registration in Uttarakhand due to aggregate turnover exceeding Rs. 10 Lakhs (Rs. 11 lacs in the given case)
When to apply for GST in India?
New businesses: All businesses must apply for GST as soon as their supplies cross an aggregate value of Rs. 25 lakh (Rs. 10 lakh in North Eastern States). The same goes for freelancers, export oriented units, etc.