In year 2019-20 an NBFC earned interest income of Rs. 20 crore. It also rented some property and earned rental income of Rs.30 lakhs.
Now, whether it is required to take GST registration?( Pls...also quote relevant section/notification/circular.)
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GST registration - NBFC
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SEC 22 of CGST Act - Supplier has to get registered in the State/UT from where he makes taxable supply if his aggregate T/O exceeds certain limit
Limit for service providers is 10 Lakhs for special category states and 20 Lakhs for other states
“Aggregate Turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on RCM basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same PAN, to be computed on all India basis but excludes GST and GST cess
In your case total turnover is 20.3 cr which is more then threshold limits
Registration is this required under GST
Limit for service providers is 10 Lakhs for special category states and 20 Lakhs for other states
“Aggregate Turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on RCM basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same PAN, to be computed on all India basis but excludes GST and GST cess
In your case total turnover is 20.3 cr which is more then threshold limits
Registration is this required under GST
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