if a person turnover is 22 lakhs then on what amount he has to pay gst?
either on 2lakhs or 22lakhs
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payment of gst
Replies (3)
22 lakh if he is registered from the beginning of sale
A supplier is liable for registration under GST if his aggregate turnover in the financial year is above the threshold exemption limit of Rs. 20 lakh.
So, the person is required to get registration on exceeding exemption limit of Rs. 20 lakh and pay GST on onwards supply (i.e. 2 lakh).
From next year, he has to pay GST on each and every supply from the starting of the financial year (even on Rs. 1/- supply).
So, the person is required to get registration on exceeding exemption limit of Rs. 20 lakh and pay GST on onwards supply (i.e. 2 lakh).
From next year, he has to pay GST on each and every supply from the starting of the financial year (even on Rs. 1/- supply).
If the supplier opts for voluntery registeration before crossing the threshold exemption limit, he has to pay GST from that very point of time.
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