The Institute of Chartered Accountants of India (Set up by an Act of Parliament) ... of Chartered Accountants of India (ICAI) through its GST & Indirect Taxes Committee has ... having turnover below the threshold limit can still opt for voluntary registration and such GST Registration New Turnover Limit will be introduced under GST law. Jaipur, Rajasthan, India About Blog Find the latest articles on Goods … Audit by chartered Accountant or a Cost Accountant: Every registered person whose turnover exceeds the prescribed limit, would be required to get his accounts audited by a Chartered Accountant or a cost accountant ClearTax serves 2.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India. An option was provided to the states to opt for the new limits or continue the earlier ones (status quo). GST registration is where The businesses those turnovers are more than 20 lacks is need to be registered as normal taxable person. Kerala, Chhattisgarh, Jharkhand, Delhi, Bihar, Maharashtra, Andhra Pradesh, Gujarat, Haryana, Goa, Punjab, Uttar Pradesh, Himachal Pradesh, Karnataka, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu, West Bengal, Lakshadweep, Dadra and Nagar Haveli and Daman and Diu, Andaman and Nicobar Islands and Chandigarh, Puducherry, Meghalaya, Mizoram, Tripura, Manipur, Sikkim, Nagaland, Arunachal Pradesh and Uttarakhand. MANDATORY REGISTRATION: The person who is crossing the proposed threshold limit. I haven't crossed the limit yet. ELIGIBILITY FOR GST COMPOSITION SCHEME: The registration under composition scheme is optional and voluntary. MSN team will guide you on the […] The limit remains unchanged at Rs.75 lacs for North Eastern states & Uttarakhand. The limit was increased for supplies of goods only up to Rs. After registration process, it generates GST number. w.e.f. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. In the recent past Government has accepted and acted on many such representation made by Institute of Chartered Accountants of India and Institute of Cost Accountants of India. 40 Lakhs through Notification No. The CBIC notified that the registration of specified taxpayers shall be suspended and system-generated intimation for suspension and notice for cancellation of registration in FORM GST REG-31, containing the reasons of suspension, shall be sent to such taxpayers at their registered e-mail address. Supplier of Goods for GST Registration New Turnover Limit = 40 Lac, Supplier of Services GST Registration New Turnover Limit = 20 Lac. Documents Required For GST Registration of Professionals. A. If your business is registered in GST in August, you need to file return for period starting from 1st August, 2017. New scheme introduces a fixed tax rate of 6% with 3% CGST and 3% SGST. The time limit for completion or compliance has been extended to 30th June 2020, where the time limit falls between the period from 20th March 2020 to 29th June 2020. GST Registration New Turnover Limit will be 40 Lac. And in case of Special Category States at Rs 10 lakhs. The GST Council, on considering the demands raised by MSME, increased the threshold limits for GST registration. b) GST Audit- There are three types of audit prescribed under GST Act as explained below: i. These professionals need to get themselves registered under GST laws, collect GST @ 18% on their invoices and deposit the same to the Government treasury, after adjusting allowed set offs, if any. Certain exemption limit is also applicable above which only NGOs have to pay GST and should be registered under the GST Act. What is Mean by Aggregate Turnover under GST ? Earlier the registration turnover limit was Rs 20 Lac. Every supplier whose aggregate turnover in the FY 2019-2020 exceeds the new threshold limits will have to get registered under GST. However states would have an options to decide about limit within a … File Income tax returns for free in 7 minutes, Get expert help for tax filing or starting your business, Curated Mutual Funds & plans for tax savings, Complete solution for all your e-invoicing needs, I-T, e-TDS & Audit Software for CAs & Tax Professionals. Note 2: Kerala can now charge 'calamity cess' up to 1% on all intra-state supply of goods and services to cope up with natural calamities faced by the state last year. GST Registration (Central Govt Recognized) It is to be noted that one shall register himself through any one mode among the above. We are a GST specialized consultancy firm having team of professionally qualified experts in the team for leadership supervision... Is considered for applicability of new threshold limits as they fall under the have... 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