My friend has started a hardware retail shop. While purchasing goods, he has paid 18% GST. His turnover is less than 20 lakhs. He will not claim GST. Is it compulsory for him to register for GST?
Damodar Manjrekar (1 Points)
21 June 2023My friend has started a hardware retail shop. While purchasing goods, he has paid 18% GST. His turnover is less than 20 lakhs. He will not claim GST. Is it compulsory for him to register for GST?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(163079 Points)
Replied 21 June 2023
No not compulsory till aggregate turnover doesn't exceed Rs. 40 lakhs in general category states.
The GST Act specifies that businesses with an annual turnover of up to Rs. 40 lakhs (Rs. 20 lakhs for special category states) are not required to register under GST. This limit is known as the GST exemption limit or the threshold limit.
Bhanu
(hyderabad)
(1653 Points)
Replied 21 June 2023
RAJA P M
("Do the Right Thing...!!!")
(127786 Points)
Replied 21 June 2023
CAclubindia
