Applicability & REgistration
Any person who is running and managing a business can go for registration. Mostly Business organization go for such registration to claim the benefit of input tax credit. Moreover, if you are doing business with other registered person, then only those registered persons and big companies willfully have a future business deal with you.
These registrations are mandatorily required by the rules and regulations framed under the GST law. For this every Person is required to Look for their Aggregate turnover criteria. This limits varies form state to State. For the better understanding it can be splitted into three categories:
For these states listed in this category the aggregate turnover during the turnover during the year for registration is RS.10 lakhs for both goods and Services.
For these categories of states the aggregate turnover during the current year for registration is Rs. 20 lakhs for both goods and Services.
For these categories of states the aggregate turnover during the current year
For registration is Rs. 20 lakhs for goods and RS. 40lakhs for services.
Note* The Limit of Rs. 40lakhs is applicable only in case of exclusive supply of goods.
Note** Non- applicability of RS. 40 lakhs is not applicable on the below listed cases:
- Persons who have voluntarily got registered and who are compulsorily required to registered under GST law irrespective of Turnover.
- Incase of persons making supply of ice cream, edible ice, Tobacco, Pan masala, aerated water.