On 10 Jan 2019, Some of major decisions taken by then Finance Minister. Major decisions are in favour of small and medium size business. New amendment in GST Registration are welcome move from Trade. GST Registration New Turnover Limit will be introduced under GST law. The basis exemption turnover limit of GST Registration have been increased from 20 lac to 40 Lac to supplier of goods. Earlier the registration turnover limit was Rs 20 Lac. GST Registration New Turnover Limit will be 40 Lac. However states would have an options to decide about limit within a weeks time.And in case of Special Category States at Rs 10 lakhs.
From Which Month New Turnover Limit Applicable
As per GST Council Decisions in its 32nd Meeting for introducing GST Registration New Turnover Limit of 40 lac for Supplier of goods shall be come in force from 1st April 2019. Till 31 March 2019 old limit of Rs. 20 lac shall be applicable.
Does Supplier of Good or Services Have Different GST Registration New Turnover Limit
Yes. As per GST Council Decisions in its 32nd Meeting it seems that GST Registration New Turnover Limit is for supplier of goods. However legal notification is yet to come. Council make it clear that New Limit shall be applicable to supplier of Goods.
Supplier of Goods for GST Registration New Turnover Limit = 40 Lac
Supplier of Services GST Registration New Turnover Limit = 20 Lac
What is Mean by Aggregate Turnover under GST ?
Value of all (taxable supplies+Exempt supplies+Exports+Inter-state supplies) – (Taxes+Value of inward supplies+Value of supplies taxable under reverse charge + Value of non-taxable supplies) of a person having the same PAN(Permanent Account Number) across all his business entities in India.
I am existing GST Number Holder Do I need to Amend by Registration ?