Reg but Bellow 20,00,000
Query (Issue) Started By: – Kishan Barai Dated:- 1-7-2017 Last Reply Date:- 16-7-2017 Goods and Services Tax – GST
Got 6 Replies
GST
What if a person is Registered under GST & has a turnover of Bellow 20,00,000 ??
Shall he has to charge CGST & SGST from Customer ??
Shall a person will get deduction of Expense like light bill or other expenses like Stationery etc from his Income.
Please elaborate.
Thank You
Reply By KASTURI SETHI:
The Reply:
Dear Sir,
Pl. go through Q.No.18 of FAQ published published by CBEC in the newspaper dated 28.6.2017 which is as under:-
Q.No. If I register voluntarily though turnover is less than 20 lakhs, am I required to pay tax from First supply I make post GST regist
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& SGST from customer, it does not matter that your turnover is less than ₹ 20,00,000/-. But yes, if you are registered then you have a benefit that you can avail ITC on receipt of supplies of goods/services.
And the question about deduction of expenses in income is a matter of Income Tax, it has no relation with GST.
Reply By KASTURI SETHI:
The Reply:
Thanks to Ms.Preeti Sharma for perfect and convincing clarification/reply and for enrichment of my knowledge.
Reply By Preeti Sharma:
The Reply:
Its my pleasure Mr. Kasturi Sethi that i could give a little knowledge to you.
Thanks
Reply By Kishan Barai:
The Reply:
Thank You Very Much
Reply By Ramesh Kothari:
The Reply:
1.Yes u will become taxable person even if below thresh h
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