What is the limit of turnover for GST registration?

Companies or businessmen must register under the GST system as normal taxable individuals. It is when they have a turnover of more than 40 lakh rupees. Almost all firms are required to register for GST, which is the same thing as registering for taxation. There are severe penalties for operating a business or organisation without registering for GST. Let me guide you on what is the turnover limit for GST registration.

What is the limit of turnover for GST registration?

According to the GST registration limits, businesses or business owners having a taxable revenue of more than 40 lakhs should register as ordinary taxable people. Individuals having taxable turnovers under 10 lakhs, on the other hand, should register as specific taxpayers. You might reach the threshold requirement for GST registration through the GST registration process.

What is the limit of turnover for registration of GST?

Most businesses are required to register for GST. Companies that break the GST law, such as those who don't register for GST before doing business, are subject to harsh penalties. The upper limit for businesses offering GST registration services has not changed. If a person's annual revenue is greater than either 20 lakhs or 10 lakhs, they should register. Delhi and Puducherry are not currently considered category states under the GST. In 31 states and 5 union territories, taxes will go up as a result of the new tax system.

In order to address the problems of MSMEs, the GST council increased the minimum threshold for GST registration. The GST compliance process has been made simpler as a result. States might choose to keep the current limits in place or impose new ones. The GST registration cap is a fixed amount that prevents tax payments. The GST council increased the amount that is now exempt from paying GST from 20 lakhs to 40 lakhs. The council has raised the upper limit of the exemption for the northeastern states from 10 lakhs to 20 lakhs.

What is the turnover limit for composition scheme under GST?

The GST composition scheme maximum for states was raised to Rs. 1.5 crore at the 32nd GST Council Meeting held on January 10th, 2019. This means that people or enterprises with annual revenue of up to Rs. 1.5 crore can choose to register under the GST composition scheme.

I hope you understood the turnover limit for GST registration.