If an Individual/firm/company is carrying on any business or profession in Jaipur and her total turnover exceeds 40 Lakhs in case of manufacturer, trader & 20 Lakhs in case of Service Provider in a year then she is required to take GST Registration Compulsorily.
Yes, GST Registration can be taken voluntarily even if the Turnover/Gross Receipts doesnt exceed the specified threshold of 40 Lakhs/20 Lakhs.
There are 2 schemes under GST i.e Regular scheme and Composition scheme
The Goods and Services Tax, or GST is a major indirect tax reform introduced in India by integrating the major indirect taxes of the centre and states. It is a comprehensive tax levied on the manufacture, sale, and consumption of goods and services. The GST is a destination based consumption tax made on value addition. It is “collected on value-added goods and services” at each transnational stage of the supply chain or process. Already several countries have adopted GST based VAT systems. In India, the GST came into effect from July 1, 2017.
By continuing to the website, the user acknowledge that :