Do you have registered your Business under Goods and Service Tax Law (GST) Act? Have you checked whether you are liable to registered under GST Law or not? Check Your Liability before government knocks your Door.
When a Person required to registered under GST Law?
- If the Total Turnover (Goods & Services both) during Financial year is more than Rs. 20 lakhs then you are compulsory required to registered.
- However if you are making interstate taxable supply then you are required to registered under GST although having turnover less than Rs. 20 lakhs, But if you are Supply only services then threshold limit of Rs. 20 lakhs will be applicable
- From 1st April, 2019 Persons exclusively engaged in Supply of Goods are required to registered under GST Law when their turnover exceeds more than Rs. 40 lakhs.
|Particulars||GST Registration Turnover Limit|
|If you supply only Goods (intrastate)||Rs. 40 Lakhs|
|Intrastate supply of services or Goods and services||Rs. 20 lakhs|
|Interstate supply of Goods or Goods and Services||Compulsory registration without limit|
|Interstate supply of services only||Rs. 20 Lakhs|
Interstate supply means supply outside state and Intrastate supply means supply within state.
The above mentioned details are General Law however in certain types of products and for certain specified states different Law is applicable. Kindly note that this information do not constitute legal advice in any manner you should consult professionals before taking decision.