Table of Contents
- 1 Can I charge 0 GST when my turnover is less than 20 lakhs?
- 2 What is the minimum turnover to register for GST?
- 3 Who can exempt from GST?
- 4 Is there GST on software subscriptions?
- 5 Who is not eligible for GST registration?
- 6 On what turnover GST is applicable?
- 7 Which businesses do not need to register for GST?
- 8 What are the ways to ensure input credit under GST?
Can I charge 0 GST when my turnover is less than 20 lakhs?
13 Answers. GST is not applicable for those assessees whose turnover is less than 20 Lakhs. Go ahead and surrender your GST registration.
Is GST mandatory for software services?
GST on IT sector will attract 18\% on software services provided by software companies. For purely software services, the cost of such services will increase under GST.
What is the minimum turnover to register for GST?
A business whose aggregate turnover in a financial year exceeds Rs 20 lakhs has to mandatorily register under Goods and Services Tax. This limit is set at Rs 10 lakhs for North Eastern and hilly states flagged as special category states.
Is GST mandatory for private limited company?
All businesses from the public to private limited companies should register for their GST. Registering for GST is compulsory for all companies that sell their goods or render services via e-commerce platforms such as Amazon, Flipkart, Ola, etc. In addition to that, one should be aware of the GST compliance number.
Who can exempt from GST?
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.
Is GST applicable if turnover is less than 40 lakhs?
Businesses with an annual turnover of up to Rs 40 lakh are GST exempt. Initially, this limit was Rs 20 lakh. Additionally, those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only 1 per cent tax.
Is there GST on software subscriptions?
The supply of the software is deemed to be made in Canada, as it is a supply of intangible personal property which may be used in whole or in part in Canada. Your supply is subject to GST/HST.
Is computer software goods or services?
Computer software supplies In effect, boxed sales of personal and home computer software, game packages, etc are all classed as a supply of goods.
Who is not eligible for GST registration?
Liability to register However, small businesses having all India aggregate turnover below Rupees 20 lakh (10 lakh if business is in Assam, Arunachal Pradesh, Himachal Pradesh, Uttarakhand, Manipur, Mizoram, Sikkim, Meghalaya, Nagaland or Tripura) need not register.
How can I get GST from Pvt Ltd company?
The Process of GST Registration for Private Limited Company:
- Login to the GST Online Portal.
- Fill up Form Part-A (PAN, Mobile No., and E-mail)
- The Portal verifies your detail by OTP/E-mail.
- Upload the required documents.
- Access and fill in Part B using received number.
- You will get the Application Reference Number.
On what turnover GST is applicable?
Overview of earlier limits, new limits and the date of applicability
| Aggregate Turnover | Registration Required |
|---|---|
| Exceeds Rs.10 lakh | Yes – For Special Category States |
| New Limits – For Sale of Goods | |
| Exceeds Rs.40 lakh | Yes – For Normal Category States |
| Exceeds Rs.20 lakh | Yes – For Special Category States |
Is GST registration required for companies with more than 20 lakhs turnover?
Ans. 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.
Which businesses do not need to register for GST?
The businesses that have turnover less than the stated amount, need not register for GST. If your annual turnover is less than 20 lakhs, please consider the State in which you do business. This is all fake law’s.
Can a person opt to get himself registered under GST?
A person may opt to get himself registered voluntarily under GST even if he is not liable to be registered. All the provisions of GST applicable to a registered taxable person will similarly apply to such a voluntarily registered person also, i.e., he will be treated as a normal taxable person.
What are the ways to ensure input credit under GST?
Provide input tax credit to customers -As they can issue taxable invoices,they can collect GST. Their customers can take input credit on their purchases. Become more competitive – They will be more competitive than other small business as buying from them will ensure input credit.