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What should I do if my business turnover is less than 20 lakhs for the GST?

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What should I do if my business turnover is less than 20 lakhs for the GST?

Traders with turnover below Rs 20 lakh will have to register for GST: Adhia. The traders supplying goods to other states will need to register under the Goods and Services Tax (GST) even if their turnover is below Rs 20 lakh, Revenue Secretary Hasmukh Adhia said on Thursday.

What turnover is needed for Gstr 9?

Rs.2 cr.
So, in nutshell GSTR 9 is mandatory for registered person whose aggregate turnover is Rs. 2 cr. Or more. GSTR 9C is mandatory for Registered person whose aggregate turnover in FY 2020-21 exceeds Rs.

How is aggregate turnover determined under GST?

“aggregate turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed …

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Is it compulsory to show GST turnover in income tax return?

Krishna: Arjuna in ITR 4 the taxpayer is required to provide Turnover/Gross Receipts under GST as mentioned in the GST returns. These details can be taken by the taxpayer from the GSTR 1 filed by them. But taxpayers must match it before filing the Income Tax Return.

How do I change GST aggregate turnover?

Update the Turnover in “Turnover reported by TaxPayer” column and provide remarks for such change. c. Submit the change –Post update of the turnover same may be submitted with DSC/EVC.

Does GST turnover include GST?

What is GST turnover? GST turnover is based on the gross (before tax) income of your business, excluding any: GST included in sales to your customers sales that are not for payment and not taxable sales not connected with an enterprise you run input-taxed sales you make sales not connected with Australia.

Is non GST supply included in aggregate turnover?

Whether Activities covered under schedule III are to be included while calculating the aggregate turnover? As per the definition of aggregate turnover, it includes exempt supply & exempt supply includes non-taxable supply.

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What is excluded from GST turnover?

What is aggregate turnover example?

Definition of Aggregate Turnover – As per the provisions of Section 2(6) of CGST Act, 2017, aggregate turnover is defined as the aggregate value of – 1. All taxable supplies included zero rated supplies. (excluding inward supplies on which tax is payable on reverse charge basis) 2.

What is included in aggregated turnover?

Aggregated turnover is the sum of the following: your annual turnover for the income year. the annual turnover of any entity connected with you, for that part of the income year that the entity is connected with you.

Does the GST turnover include GST?

What does your GST turnover include?

Your GST turnover is your total business income (not your profit), minus: GST included in sales to your customers. sales that aren’t for payment and aren’t taxable. sales not connected with an enterprise you run.

Will the government match the GST turnover and turnover as per income-tax?

From above it is evident that the intention of the Government to match the GST turnover and turnover as per Income-tax, is in order to curb tax evasion, which would not be fulfilled as there would remain difference between these figures.

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What is the latest change made by the GST with GST?

Today we are discussing a most recent change made by the GST with regards to GST return filing. According to the latest update, the GSTN has now announced that taxpayers with turnover below 1.5 crore rupees can opt to file monthly returns.

What is form gstr-9 / 9A for FY 2020-21?

“The filing of annual return in FORM GSTR-9 / 9A for FY 2020-21 to be optional for taxpayers having aggregate annual turnover upto Rs 2 Crore;” “The reconciliation statement in FORM GSTR-9C for the FY 2020-21 will be required to be filed by taxpayers with annual aggregate turnover above Rs 5 Crore”

What are the different kinds of annual return under GST?

Different kinds of annual return under GST: GSTR-9 Annual Return Form: The regular taxpayer who files 1 and 3B forms are required to file the GSTR-9. GSTR-9A: The composition scheme holder under GST is required to furnish GSTR-9A.