Hi,
Can anyone please clear on the below issue ?
When my service turnover crossed threshold limit of Rs 20 lakh.
Should I required to pay GST on only sales above threshold or I need to pay GST also on first 20 lakh ?
Example :-
My Total Turnover is 29 lakh
and i have paid GST on 10 lakh after registration.
Should i need to pay tax also on first 19 Lakh supply before registration ??
If yes, then How ?
1st 20 Lakhs turnover will be exempt.
After GST registration, you have to pay GST liability on the sale above Rs. 20 Lacs.
@ Puja Sharma Turnover upto 20 lakhs not exempted, but no tax leviable as assessee is not registered under GST. If person get register in GST then he have to pay GST on each single paisa he received as turnover.
There is difference in exemption and non registration. There is no exemption on 20 lakhs but assessee not required to pay as he was not register if he get register after turnover of Rs. 500000 then he has to pay taxes on turnover made after registration even if turnover is within 20 lakhs threshhold
The terms for GST fillings can be different depending on the type of business you have. GST registration is must above 20 lakh turn over.
A small scale or Nidhi Company Business is something that you can get tax benefit with.
All the services does not have more GST than normal businesses
CAclubindia
