Is GST mandatory for turnover below 20 lakhs?
GST is not applicable for those assessees whose turnover is less than 20 Lakhs. Go ahead and surrender your GST registration. Contact a local tax lawyer/CA. A business whose aggregate turnover in a financial year exceeds Rs 20 lakhs has to mandatorily register under Goods and Services Tax. ..
Is it mandatory to charge GST after registration?
Charge, collect and deposit the GST After obtaining the registration, the registered person is liable to charge GST on all taxable supplies and declare the same in GST invoice raised by them. Every goods have a separate GST rate and HSN code.
Do I need to file a return if I am registered under the GST but my annual turnover is below 40 lakhs?
A registered person need to file GST Return even if there is no turnover. In your case, if you have opted for filing GST Returns under Regular scheme but not under composition scheme, you can claim set off input credit on your sales even if your turnover is less than Rs 20 Lakhs.
Do I need to file a return if I am registered under the GST but my annual turnover is zero?
Every person who is registered under GST having a valid GSTIN must file all the GST Return applicable to his business. File GST Returns even if there are no transactions in the business. If there are no sales or purchases, the taxpayer must file a NIL Return.
Who is not required for GST registration?
Casual taxable person who is not having fixed place of business in the State or Union Territory from where he wants to make supply. However casual taxable persons making supplies of specified handicraft goods need not take compulsory registration and are entitled to the threshold exemption of Rs. 20 Lakh.
What happens if I dont charge GST?
“If you do not register for GST and you are required to do so, you may have to pay GST on the sales you have made since the date you became required to register – even if you did not include GST in the price of those sales. You may also have to pay penalties and interest,” says the ATO on its website.
Is GST mandatory for small business?
Businesses and individuals are exempt from GST if their annual aggregate turnover is less than a specific amount. At the time of GST implementation in July 2017, businesses/individuals with annual aggregate turnover of less than Rs. 20 lakhs were allowed GST exemption. A lower limit of Rs.