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?
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?
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.
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