Dear Members,
Proprietory Concern M/s A (Textile & Readymade Garment) was having Turnover of Rs. 80 Lacs for the Financial Year 2016-17 and for Financial Year 2017-18 (Apr to June 2017) Turnover is Rs. 18 Lacs, does it need to do GST Registration based on last year ?
2) If current year Turnover Cross Rs. 20 Lacs then ?
Please Guide.
here turnover based on last year.so M/S A must have registration under Regular scheme in GST
But I beg to differ, the for registration,aggregate turnover is to be seen for the current FY.
As of now, you don't need to register, but when it crosses 20 lacs, you will have to register yourself.
Section 22(2) of CGST Act reads as follows:
Every person who, on the day immediately preceding the appointed day (i.e. before 1/7/2017), is registered or holds a licence under an existing law, shall be liable to be registered under this Act with effect from appointed day.
So I think, you need to register and if you find that the turnover during current year would not exceed the exemption limit, then apply for cancellation.
Thanks for the reply.
CAclubindia
