Do I need GST if my turnover is below 20 lakhs?

Do I need GST if my turnover is below 20 lakhs?

GST is not applicable for those assessees whose turnover is less than 20 Lakhs. Go ahead and surrender your GST registration.

What happens if you go over the GST threshold?

After hitting the annual threshold, you will have 21 days to register for GST. Once registered you will be required to collect GST, submit a BAS, and you will be able to declare GST tax credits.

What is the limit of turnover for GST registration?

Rs 20 lakhs
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.

What is tax free turnover?

The businesses with an annual turnover of up to Rs 40 lakh are now exempt from goods and services tax (GST), finance ministry said on Monday. Earlier, the GST exemption limit was fixed at Rs 20 lakh.

Do I have to pay GST if I earn under $75 000?

If your GST turnover is below the $75,000, registering for GST is optional. You may choose to register if your GST turnover is below the $75,000 threshold, however this means that once registered, regardless of your turnover, you must include GST in your fees and claim GST credits for your business purchases.

Is GST registration required for companies with more than 20 lakhs turnover?

Ans. Yes, Registration would be required if your turnover is more than 20 Lakhs (10 Lakhs for special category states other than State of Jammu & Kashmir). Also refer to section 24 of CGST Act, 2017 for compulsory registration.

Do I need to file GST return if my turnover is low?

1. You need not file GST return since your turn over is less than the prescribed limit. 2. You can get the said GST registration cancelled also. As per the provision of GST Act, every registered person has to file return even if its turnover is less than 20 Lakhs.

What is the turnover of company with less than 20 lakhs?

However there is a provision that they have taken registeration when turnover is less than 20 Lakhs. As per the provisions of the GST Act if your turnover is less than 1.5 crore per annum then you have file return on quartely basis.

Is GST registration mandatory for a small business in India?

If your turnover is not more than the threshold limit then you are not required to get the GST registration. A business whose aggregate turnover in a financial year exceeds Rs 20 lakhs has to mandatorily register under Goods and Services Tax. ..