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Higher GST Exemption Limit, Fewer Slabs, and Simplified Registration for Firms with Up to ₹1.5 Cr Turnover: GTRI
Think tank GTRI on Friday suggested a host of reforms like increasing GST exemption limit for firms with up to Rs 1.5 crore ...
Free Press Journal
5 days ago
GST Council waives interest, penalty on tax demands between FY18 and FY20
The Goods and Services Tax (GST) Council in its Saturday meeting has approved several compliance measures, aiming at reducing tax litigation and enhancing ease of business ...
Business Standard India
4 days ago
May 27, 2024 · The GST Council raised GST registration threshold limits based on the demands of MSME in the 32nd meeting on 10th January 2019. The article discusses earlier and new limits, including requirements by category, states opting for new limits, and the financial year for aggregate turnover calculation.
Feb 27, 2024 · Section 22: Every Supplier of goods or services or both required to obtain registration in the State or Union territory from where he makes taxable supplies if his annual aggregate turnover (PAN Based) Exceeds specified Limits. Annual aggregate turnover – Taxable supply + Exempt supply + Exports + Inter-state supplies under same PAN.
Dec 2, 2022 · Currently, the threshold is set at Rs 20 lakhs (Rs. 40 lakhs for goods). It is the amount below which a business is not required to register for GST. This article goes over the specifics of the turnover limit for GST registration. Let’s begin. Table of Contents. What is the turnover limit for GST Registration? Who is eligible for GST registration?
May 3, 2024 · Understand the GST registration limit and the turnover threshold. Learn about the latest changes, exemptions, and benefits for small businesses.
Jan 28, 2024 · a) THRESHOLD LIMIT FOR REGISTRATION: i) Every supplier of goods or services or both is required to obtain registration. ii) In the State or the Union territory from where he makes the taxable supply. iii) If his aggregate turnover exceeds specified threshold limit in a F.Y. Aggregate Turnover:
Jun 14, 2024 · A must register under GST because his aggregate turnover exceeds the threshold limit of Rs. 40 lakh. Further, Mr. A does not have the option to register as a composition dealer because this aggregate turnover exceeds the threshold limit of Rs.1.5 crore.
Jun 8, 2024 · In India, businesses dealing with goods and having an annual turnover of over Rs. 40 lakh need to register for GST. For service providers, the limit is Rs. 20 lakh annually. However, in certain states including North-Eastern States, Uttarakhand, Himachal Pradesh, and Jammu & Kashmir, the limit for both goods and service providers is Rs. 10 lakh.
Sep 28, 2023 · Service Providers: Typically, the limit stands at INR 20 lakhs. However, for special category states, it's pegged at INR 10 lakhs. How to Calculate Turnover for GST? Turnover calculation is pivotal for GST compliance.
Threshold limit of aggregate turnover for exemption from registration and payment of GST for suppliers of services would be Rs. 20 lakhs and Rs. 10 lakhs (for States of Manipur, Mizoram, Nagaland and Tripura).
Any business with a total annual turnover of more than INR 40 lakhs must pay the GST and the Goods and Services Tax. Therefore, such companies should register themselves under the Goods and Services Tax. The GST offers advantages of improving taxation proficiency, boosting economic growth, and creating a common national market.
