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GSTR-9 Annual Return Filing: Know due date, applicability, turnover limit, eligibility, rules, and filing format. Every taxable person under GST law will be required to furnish annual returns in form GSTR-9, the deadline for GSTR-9 filing is December 31st.
May 24, 2024 · 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 as the case may be, must register as a normal taxable person. It is called GST registration. For certain businesses, registration under GST is mandatory.
Oct 18, 2023 · GST Council Decisions: The GST council periodically revisits the limits, which may lead to revisions. For example, the 2023 update raised the threshold for regular states. Instances Necessitating Compulsory GST Registration. Even if your turnover is below the GST registration exemption limit, certain conditions require mandatory GST ...
Dec 13, 2022 · GST registration applies to all commission and brokerage income irrespective of the turnover limits of the taxpayer. “Persons who make taxable supplies of goods or services or both on behalf of other taxable persons whether as an agent or not are required to take registration regardless of turnover,”
May 23, 2024 · Further, GST Council in its 32nd meeting proposed an increase to this limit for service providers on 10th Jan 2019*. Turnover of all businesses registered with the same PAN should be taken into consideration to calculate turnover. *CBIC has notified the increase to the threshold limit from Rs 1.0 Crore to Rs. 1.5 Crores.
Jan 28, 2024 · The threshold limit prescribed under section 22(1) is Rs. 20 lakh in a F.Y. i.e. every supplier, whose aggregate turnover in a financial year exceeds Rs. 20 lakh, is liable to be registered under GST in the State/ Union territory from where he makes the taxable supply of goods and/or services.
Jan 18, 2024 · GST turnover is your business income (excluding certain sales), not your profit. Say you run an online clothing store. If you sell $80,000 worth of clothes in a year, you’d have to register for GST. This is because your GST turnover is over the $75,000 threshold – even if you only make $40,000 in profit.
