Here is my query:
Suppose a supplier of goods takes registration under GST on voluntary basis. His annual turnover is 1 lakh only.
1. Is he liable to pay tax?
2. The turnover limit specified u/s 22 (i.e 20 lakh) is for registration only or is a basic exemption for every year?
Ans-1- Yes he is liable to pay tax & filled return every month.
Ans-2- Not for every year
| Originally posted by : Ravi Sadhiyan | ||
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Ans-1- Yes he is liable to pay tax & filled return every month. Ans-2- Not for every year |
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Thank you so much. This means there is no basic exemtion like we had for small industries in Service Tax (10 lakh), VAT (5 lakh) and Excise (150 lakh) earlier. Some newspapers and online articles have wrongly reported that there is a basic exemtion of 20 Lakh under GST.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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