GST on turnover which was before reachine 20 Lac
This query is : Resolved
Quick Summary
05 September 2020
Hello,
I am confused, GST registration turnover limit for service is 20 Lac. So, if anyone exceeding that limit turnover 20 Lac will have to register and will have to pay post-registration but what about the turnover till 20 Lac?
Post-registration does that person have to pay the GST on that 20 Lac also?
I am a freelancer with the export of service only so till 20 Lac turnover do I have to have FIRC for all my transactions or that will be required for the transactions post 20 Lac limit. Please Answer.
Thanks in advance.
Jai Hind
I am confused, GST registration turnover limit for service is 20 Lac. So, if anyone exceeding that limit turnover 20 Lac will have to register and will have to pay post-registration but what about the turnover till 20 Lac?
Post-registration does that person have to pay the GST on that 20 Lac also?
I am a freelancer with the export of service only so till 20 Lac turnover do I have to have FIRC for all my transactions or that will be required for the transactions post 20 Lac limit. Please Answer.
Thanks in advance.
Jai Hind
05 September 2020
No GST payable on turnover till 20 lacs.
FIRC required for all transactions.
FIRC required for all transactions.
05 September 2020
Thanks for your reply but now I am more confused.
In my knowledge, FIRC is required to claim a refund of paid GST and to prove that the transaction is against the Export of service only.
So, if No GST payable on turnover till 20 lacs then why FIRC is required till 20 lacs turnover. Please help.
In my knowledge, FIRC is required to claim a refund of paid GST and to prove that the transaction is against the Export of service only.
So, if No GST payable on turnover till 20 lacs then why FIRC is required till 20 lacs turnover. Please help.
05 September 2020
Agree with you FIRC not required in such a case.
06 September 2020
No FIRC required till 20 lakhs from GST point of view but from FEMA angle you need to receive payments for export of services though no formal FIRC is needed.
06 September 2020
Thanks for your reply. From the FEMA angle, FIRC is needed or not?
07 September 2020
FEMA angle FIRC required.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- EMI ISSUE IN HOUSING LOAN OLD REGIME
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- ITR 4 and Bank transactions
- Journal entry of busniess expenses
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
