What is the new threshold limit for GST on Medical Stores?
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Quick Summary
The discussion clarifies the Goods and Services Tax (GST) threshold limit for medical stores, particularly concerning the Rs 40 lakh turnover for exclusive supply of goods. This limit, as per Notification No. 10/2019 - Central Tax, allows businesses not exceeding this turnover in the previous financial year to be exempt from GST registration. Specific states like Arunachal Pradesh and others have a lower threshold of Rs 20 lakhs.
As per Notification 10/2019 CT , a person exclusively engaged in supply of goods whose aggregate Turnover in previous Fy not exceeds 40lac not required to obtain Registration & for state Arunachal Pradesh , Manipur, Mizoram, Nagaland, Puduchary, Sikkim, Telangana, Utranchal it's 20 Lac
If dealing in EXCLUSIVE SUPPLY OF GOODS, then the turnover threshold limit for GST Registration is Rs. 40 lakhs. Refer Notification No. 10/2019 - Central Tax, dated 07.03.2019.
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