What is the Threshold Limit Under GST?
As we know, that for taking the benefit of GST and for charging GST, it is compulsory to take registration under GST. GST was introduced and implemented from 01st July’17, since than there have been several changes in the threshold limit under GST. Due to continuous amendments in the law, a lot of confusion has been created on the part of the threshold limit.
In this article, we will try to clarify the concept of the threshold Limit under GST:
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However, the following persons will not be considered for the purpose of revised GST Threshold limits:
- Persons who are required to be registered under GST compulsorily.
- Persons making Intra State supplies
- Service providers
- Persons engaged in making supplies of the following items:
- Ice cream and other edible ice, whether or not containing coca.
- Pan Masala
- Tobacco and manufactured tobacco substitutes
Persons exercising option under the provisions of sub-section (3) of section 25, or such registered persons who intend to continue with their registration under the said Act.
Compulsory Registration under GST
- Inter State Supplies
- Input Service Distributor
- Casual Taxable Person
- Person required to deposit tax under Reverse Charge Mechanism
- Person required to deduct TDS
- Person required to collect TCS
- Non Resident Taxable Person
- Person making on behalf of others whether as agent or as principal
- Every E-Commerce Operator providing a platform to suppliers to make supply through it
- Supplier who supply goods through E-commerce operator who is liable to collect TCS.
- Online Service Provider who is providing services from outside India to a non registered person in India.
Threshold Limits for Composition Dealer: Threshold limits for Composition Dealers has also been changed, have a look:
Threshold limit for the composition dealer has been increased from 1 Cr. To 1.5 Cr. Limits for the taxpayer of Rs. 75 Lacs for Northern states and Uttarakhand will remain unchanged. These revised rates will be applicable from 01.04.2019.
Threshold limits for Service Provider:
The author of this article is CA Arti Agarwal. She is a practicing Chartered Accountant and a prominent author of efiling world. If you are having any query regarding GST plz feel free to call on +8126-416-416 or u can mail at firstname.lastname@example.org