Goods and Services Tax – Started By: – Kishan Barai – Dated:- 1-7-2017 Last Replied Date:- 16-7-2017 – 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 registration ? Ans. Yes, you would be treated as normal taxable person. Boa
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
an ₹ 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 hold limit and chargeable to tax 2. u will eligible to get the ITC a
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =