Sage-Tips

Should I file GST if my turnover is less than 20 lakhs?

As per the provision of GST Act, every registered person has to file return even if its turnover is less than 20 Lakhs.

Is GST applicable if turnover is less than 10 lakhs?

There has been no change in the threshold limits for service providers. Persons providing services need to register if their aggregate turnover exceeds Rs. 20 lakh (for normal category states) and Rs. 10 lakh (for special category states).

What is the turnover limit for GST monthly return?

INR 5 crores
Brought into effect from 1st January, 2021, the Quarterly Returns Monthly Payment (QRMP) scheme is one that allows registered taxpayers with an aggregate turnover of up to INR 5 crores in the previous financial year to file returns on a quarterly basis and make tax payments on a monthly basis.

How do I file my GST return every month?

How to File GST Returns Online?

1. Step:1 Visit the GST portal (www.gst.gov.in).
2. Step:2 A 15-digit GST identification number will be issued based on your state code and PAN number.
3. Step:3 Upload invoices on the GST portal or the software.

How do I select GST monthly return?

Step 1: Log in to the GST portal and navigate through Services > Returns > Opt-in for quarterly return. Step 2: The opt-in quarterly return page will be displayed. Select the financial year from the drop-down list for which you want to change the filing frequency.

What is the minimum turnover required to file a GST return?

As per the provision of GST Act, every registered person has to file return even if its turnover is less than 20 Lakhs. However there is a provision that they have taken registeration when turnover is less than 20 Lakhs.

Is GST registration required for a company with more than 20 lakhs?

Yes, Registration would be required if your turnover is more than 20 Lakhs (10 Lakhs for special category states other than State of Jammu & Kashmir). Also refer to section 24 of CGST Act, 2017 for compulsory registration.

Do I need to file a GST return after GST registration?

GST registration is not required for businesses whose turnover does not exceed 20 lakhs annually. 2. You cannot apply for GST cancellation except after a year from the date of registration. 3. Since you have registered under GST you are bound to file the return. 1. You need not file GST return since your turn over is less than the prescribed limit.

What is the latest change made by the GST with GST?

Today we are discussing a most recent change made by the GST with regards to GST return filing. According to the latest update, the GSTN has now announced that taxpayers with turnover below 1.5 crore rupees can opt to file monthly returns.