If turnover crosses 20 lakhs towards the end of the year?

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Dyumnin

Owner

25 Points Joined October 2017

Hi,
I am an independent professional service provider, providing services to companies abroad and recieve payment directly to my bank account in INR
My income from consultancy has been below 20 lakhs till now, so my understanding is that I am exempted from paying GST.

What happens if my income crosses the 20 lakh milestone towards the end of the year? Will I have to pay a penalty for the previous 11 months?
If in the following years my income again falls below 20 lakh will I loose my exempt status due to the one peak year?

Replies (3)

amit aggarwal

Tax Professional

80 Points Joined June 2010

Dear Dyumin,

In case you are providing services to companies abroad, it shall be considered as IGST and shall be taxed at zero rated.

Registeration shall be obtained compulsarily irrespective of turnover limit of Rs. 20 Lack.

Once you obtain registeration you have an option to pay IGST on export first and then claim refund of tax. Else, furnish LUT or bond without payment of GST.

For more details provide you full business case at querytaxindia @ gmail.com

Thanks and Regards

Dyumnin

Owner

25 Points Joined October 2017

Dear Amit,

As per the attached FAQ published by @ askGST_GoI (Official twitter handle of the GoI for queries on GST.)
Registration is exempted for IGST supply below 20L

Dyumnin

Owner

25 Points Joined October 2017

Dear Amit,

As per the attached FAQ published by @ askGST_GoI (Official twitter handle of the GoI for queries on GST.)
Registration is exempted for IGST supply below 20L