Description
GST registration is not mandatory perse, its applicability is dependent upon certain conditions. (ii) Mandatory registration irrespective of Turnover.
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MANDATORY GST REGISTRATION BASED ON TURNOVER.
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MANDATORY GST REGISTRATION BASED ON TURNOVER.
| Table Sl. No. | Tariff item, sub-heading, heading or Chapter | Description |
|---|---|---|
| 2. | 2106 90 20 | Pan masala |
How many types of GST registration are there?
GST return is a form that a taxpayer registered under the Goods and Services Tax (GST) law must file for every GSTIN that he is registered. Did you know that there are 22 types of GST returns prescribed under the GST Rules? Out of them, only 11 GST returns are active, 3 suspended, and 8 view-only in nature.
GST Registration is mandatory if your aggregate annual turnover exceeds Rs. 20 Lakhs in a financial year. (Rs. 10 Lakhs in case you have a place of business in Arunachal Pradesh, Assam, Himachal Pradesh, Jammu & Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura or Uttarakhand.
What are the disadvantages of GST?
Disadvantages of GST
- GST Scheme has increased the cost of operation. …
- Increased tax liability on SMBs. …
- Enhance burden of compliance. …
- Penalties for non-GST-compliant firms.
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