Understanding GST thresholds is critical to ensure compliance, avoid penalties, and optimise tax planning. Here is a quick summary:
✅ GST Registration Limits
• Goods Suppliers – ₹40 Lakhs
• Service Providers – ₹20 Lakhs
• Special Category States – ₹10 / ₹20 Lakhs
✅ Composition Scheme Eligibility
• Traders / Manufacturers – Up to ₹1.5 Crore
• Service Providers (Sec 10(2A)) – Up to ₹50 Lakhs
• Restaurants (Non-alcoholic) – Up to ₹1.5 Crore
👉 Benefit: Lower tax rate and simplified compliance
✅ GST Return Compliance
• QRMP Scheme – Up to ₹5 Crore
• GSTR-9 Mandatory – Above ₹2 Crore
• GSTR-9C Mandatory – Above ₹5 Crore
✅ E-Invoicing Applicability
• Mandatory if Turnover exceeds ₹5 Crore
✅ E-Way Bill Requirement
• Mandatory if consignment value exceeds ₹50,000
⚠️ Penalties for Non-Compliance
• Late fee – Up to ₹200 per day
• General penalty – Up to ₹50,000
🎯 Why this matters?
✔ Avoid heavy penalties
✔ Plan turnover efficiently
✔ Select the right GST scheme
✔ Ensure smooth business operations
📞 Need help with GST registration, returns, or compliance?
Contact us today for expert support.
📍 https://share.google/aOzL0ZYXlgKBzSjib
📞 +91 77602 52581
No comments:
Post a Comment