40 lakh for new trader entity
This query is : Resolved
24 November 2020
if a new trader partnership firm made on 1 nov 2020 does not take voluntary gst no. and makes 10 lakh taxable purchases, will it loose set off once it crosses its 40 lakh sales and takes gst no?
if yes, better to take voluntary gst no. right ? it does not mind charging to customer, but it cannot afford to loose itc.
my view--> once no. is taken,gst is leviable on all sales (irrespective of 40 lakh exemption) and itc will get on all purchases after registration date. so better to take voluntary gstnumber and let go of 40 lakh exemption.
what are views of other professionals?
ty
if yes, better to take voluntary gst no. right ? it does not mind charging to customer, but it cannot afford to loose itc.
my view--> once no. is taken,gst is leviable on all sales (irrespective of 40 lakh exemption) and itc will get on all purchases after registration date. so better to take voluntary gstnumber and let go of 40 lakh exemption.
what are views of other professionals?
ty
Lekhraj sood
(Expert)
24 November 2020
Yes, your view is absolutely correct.
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