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GST REGISTRATION
now 40 lakh limit for gst registration but what meaning of exclusively supply of good, if assessee earn interest income from bank and deal in trading of goods then what limit is applicable on him 40lakh or 20 lakh
Replies (3)
If he is satisfying all the conditions of the notification 10/2019 then he can follow 40lakh limit while only dealing in goods.
eg : if he has 39lakh turnover of intra state and 99k interstate then he is required to take regsitration as per 20lakh limit.
eg : if he has 39lakh turnover of intra state and 99k interstate then he is required to take regsitration as per 20lakh limit.
if his turnover 30lakh from goods and 1 lakh from interest then can he follow 40 lakh limit
I would like to draw your attention to the finance bill, explanation to proviso to section22 which provides for the limit of 40lakhs.
Explanation to the section clarifies that eventhough person receives interest income the said limit would be applicable.
So, You can follow 40lakh limit.
Explanation to the section clarifies that eventhough person receives interest income the said limit would be applicable.
So, You can follow 40lakh limit.
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