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Aug 12, 2020 · If the aggregate turnover exceeds such threshold limit, registration under GST is mandatory. Controversy over what to be included in aggregate turnover for GST Recently an issue came up before Authority for Advance Ruling (AAR), Gujarat in Re: Shree Sawai Manoharlal Rathi (2020) 6 TMI 449; (2020) 117 taxmann.com 497 (AAR, Gujarat) .
Jun 23, 2024 · As per the latest GST registration limit updates in India, the registration threshold limit for GST has been increased to ₹40 lakhs. This means that all businesses with a turnover of more than ₹ 40 lakhs will now be required to obtain a GST registration. The previous limit was ₹ 20 lakhs. This increase in the registration limit is a ...
May 17, 2024 · Annual Aggregate Turnover (AATO) Under GST: Definition, Purpose, and Calculation. The term Annual Aggregate Turnover (AATO) is a key concept under the Goods and Services Tax (GST) law in India. It represents the total annual turnover of a business at the Permanent Account Number (PAN) level, encompassing several specific inclusions and exclusions.
Apr 14, 2020 · For supply of services, aggregate turnover of Rs 20 Lakhs (10 Lakhs in special category States ) is the limit for registration. The GST Council increased the threshold limits for GST registration w.e.f 01 April 2019 . The limit has been increased for exclusive supply of goods only.
Apr 15, 2024 · Updated on: Apr 15th, 2024. |. 4 min read. PLEASE NOTE: From FY 2020-21 onwards, the compulsory GST audit requirement by a CA/CMA for taxpayers with a turnover exceeding Rs.2 crore stands removed. The Form GSTR-9C is to now be self-certified and submitted by taxpayers with a turnover of more than Rs.5 crore from FY 2020-21 onwards.
May 27, 2024 · Under the CGST Act 2017, businesses that supply goods or services need to register for GST to comply with the tax rules. GST registration depends on the turnover of the business, which is the limit set by Section 22(1) of the CGST Act 2017. When a business crosses this limit, it has to register for GST and pay taxes under the GST regime.
Total Turnover/Income: $500,000 + $490,000 + $30,000 = $1,020,000; The combined turnover (including the income from the taxi driving) exceeds $1 million. You must register for GST immediately if you can reasonably expect your total turnover to be more than $1 million for the next 12 months.
