GST on turnover which was before reachine 20 Lac
This query is : Resolved
05 September 2020
Hello,
I am confused, GST registration turnover limit for service is 20 Lac. So, if anyone exceeding that limit turnover 20 Lac will have to register and will have to pay post-registration but what about the turnover till 20 Lac?
Post-registration does that person have to pay the GST on that 20 Lac also?
I am a freelancer with the export of service only so till 20 Lac turnover do I have to have FIRC for all my transactions or that will be required for the transactions post 20 Lac limit. Please Answer.
Thanks in advance.
Jai Hind
I am confused, GST registration turnover limit for service is 20 Lac. So, if anyone exceeding that limit turnover 20 Lac will have to register and will have to pay post-registration but what about the turnover till 20 Lac?
Post-registration does that person have to pay the GST on that 20 Lac also?
I am a freelancer with the export of service only so till 20 Lac turnover do I have to have FIRC for all my transactions or that will be required for the transactions post 20 Lac limit. Please Answer.
Thanks in advance.
Jai Hind
05 September 2020
No GST payable on turnover till 20 lacs.
FIRC required for all transactions.
FIRC required for all transactions.
05 September 2020
Thanks for your reply but now I am more confused.
In my knowledge, FIRC is required to claim a refund of paid GST and to prove that the transaction is against the Export of service only.
So, if No GST payable on turnover till 20 lacs then why FIRC is required till 20 lacs turnover. Please help.
In my knowledge, FIRC is required to claim a refund of paid GST and to prove that the transaction is against the Export of service only.
So, if No GST payable on turnover till 20 lacs then why FIRC is required till 20 lacs turnover. Please help.
05 September 2020
Agree with you FIRC not required in such a case.
06 September 2020
No FIRC required till 20 lakhs from GST point of view but from FEMA angle you need to receive payments for export of services though no formal FIRC is needed.
06 September 2020
Thanks for your reply. From the FEMA angle, FIRC is needed or not?
07 September 2020
FEMA angle FIRC required.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- RCM INVOICING FROM NOV-2024
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
