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exemption of Rs.20 lakhs

gauri agrawal (self employed) (223 Points)

17 May 2017

if the person has taken voluntary registration under gst and his turnover is below 20 lakhs then whether he is liable to charge and pay gst? whether he will be given exemption of Rs.20 lakhs?

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7 Replies

JAVED MEMON (9 Points)
Replied 17 May 2017

If an assessee availed voluntary registration then the assessee will collect and pay gst as per normal gst registered assessed and also comply all return filing monthly as well as annually.

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CA NEHA RAMPURIA (Taxation Consultant) (1823 Points)
Replied 17 May 2017

A person though not liable to be registered under schedule V, may get himself voluntarily registered and all the provisions of this act as are applicable to a registered person, shall apply to such person. Yes. U will have to charge and pay gst. And if you want exemption then don't register yourself voluntarily

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Madhukar N Hiregange (Chartered Accountant) (39034 Points)
Replied 17 May 2017

Once registered required to pay GST whether collected or not.

It is advisable for the small assessee to apply for registration as soon as he crosses.Rs.20 lakhs [ Law requires that once liable he needto apply within 30 days) There is a period in which he can continue to issue normal invoices including the GST payable. Say he is selling goods for 1180 then he can do the same. Once he gets registration from an effective date he can then raise revised invoices mentioning 1000 + IGST 180. He would also be eligible for credit.

However if delayed to register, it appears that he would lose the credit.

1 Like

mohd gulzar (32 Points)
Replied 06 June 2017

hello Madem Ap kahan se Ap Ka office

dk jain (27 Points)
Replied 13 June 2017

I am a cloth commission agent what is the rules regarding my commission(service).what is the exemption limit on commission plz clear

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CA NEHA RAMPURIA (Taxation Consultant) (1823 Points)
Replied 13 June 2017

If your aggregate turnover exceeds 20lakhs then you need to take registration. Also if you provide interstate service you need to take mandatory registration under gst

Sivaraman A R (.) (1040 Points)
Replied 01 October 2018

Dear sir, For FY1718, turnover was Rs 24 lakh. Registration took in Sept 2018. Whether I am liable to pay GST on Rs 4 laksh or Rs 24 lakh. There is an interpretation that 20 lakh limit is for registration and not for taxability and GST to be paid on full 24 What is your opinion on this sir?