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?
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Business without GST
Replies (3)
Quick Summary
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.
Agreed with above comment
But want to add one point
If turnover does not exits limit,no need to register for GST.But there is a concept of voluntary Registration. Even if turnover does not exceeds limit,they can register on voluntary basis.
But want to add one point
If turnover does not exits limit,no need to register for GST.But there is a concept of voluntary Registration. Even if turnover does not exceeds limit,they can register on voluntary basis.
Yes, I agreed to above said replies.
Note:
As per above replies registration as per T/O limit.
But, If your want to take ITC of above and purchases the he must need to register under GST.
Not possible to clai. GST tax by Unregistered person.
Note:
As per above replies registration as per T/O limit.
But, If your want to take ITC of above and purchases the he must need to register under GST.
Not possible to clai. GST tax by Unregistered person.
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