Gst turnover exemption clarification

Save Share

This query is : Open

Venkatesh R (Querist)

06 July 2017 If a firm migrated from existing service tax laws to GST, which is paying service tax before then basic exemption of 20 lakhs under GST is applicable? What if it crosses 20 lakhs existing year? Did we need pay GST on entire 20 lakhs or on exceeded turnover?

RAJA P M

RAJA P M (Expert)

06 July 2017 Sir., it's not income tax. You ll be registered under GST. You ll be pay your transaction based tax only. If your billing 10lakhs u ll be paid the tax amount, If it's 20/30/40/80 ll be pay the calculated amount.... After ITC calculated

Venkatesh R

Venkatesh R (Querist)

18 July 2017 My previous year 2016-17 turnover is 29 lakhs and automatically migrated to GST, and the question is whether we have to charge GST from 1st July on basic 1 rupee charging to customers or up to 20 lakhs exemption threshold limit is available for the current year? or we can charge the customer after crossing 20 lakhs limit..

RAJA P M

RAJA P M (Expert)

18 July 2017 If You are registered dealer you ll be collect Tax on your all sales bill 1 to <

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now