Financial year for Turnover limit calculation 20 lacs
mehul patel (article) (213 Points)
11 June 2017
which financial year consider
10 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 11 June 2017
Financial year for which you are paying GST
mehul patel
(article)
(213 Points)
Replied 11 June 2017
fresh registration on 01/07/2017 then turnover start from 01/04/2017 or 2016-17
nirmalbhai thakker
(117 Points)
Replied 11 June 2017
Mehul really nice question. i m also believing that 20 lakh limit should be considered from 1-4-17
Preeti (Team_GSTSoln)
(Team GST Experts)
(1926 Points)
Replied 11 June 2017
i think it would start from 1/07 for first year
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 11 June 2017
No its of current year only
Sunil Sharma
(CMA & CS)
(584 Points)
Replied 11 June 2017
Turn over limit is from when the act is applicable.
nirmalbhai thakker
(117 Points)
Replied 11 June 2017
As per sec 22(1)of CGST every supplier shall be liable to registered in the state . . . . . . . , if his aggregate turnover in a FINANCIAL YEAR EXCEEDS RS 20 LAKHS
So for calculating limit , period will starts from 01-04-17
So for calculating limit , period will starts from 01-04-17
Sunil Sharma
(CMA & CS)
(584 Points)
Replied 11 June 2017
Yes , Mr.Nirmal is correct, It's would be starting from 1st of April this year..Thanks for the update.
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