Is separate GST registration required for each state?
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Is separate GST registration required for each state?
At present government insists separate GST registration in each state, if a person operates his business. For example, if XYZ company has business transaction of goods or services in Maharashtra, West Bengal and Tamil Nadu, he has to take registration of GST in all the three states.
When can a voluntary GST registration be Cancelled?
***However, application for cancellation of registration by the concerned person who has registered voluntarily will be only after one year from the date of registration.
Is GST registration mandatory for inter-State supply of services?
Persons making inter-state supply of services are exempted from obtaining GST registration up to a turnover limit of Rs. 20 Lakhs (Rs. Persons making inter-state supply of goods either directly or through e-commerce operator are liable for compulsory GST registration without any threshold limit.
Can GST number be transferred to another state?
yes , Raja sir is correct. Place of Business cannot be changeable from One State to Another state. Apply separate gst registration in other state.
Can a unregistered person purchase from other state?
Yes a dealer whether unregistered can purchase goods from other state. However transaction in case of supply of services requires compulsory registration under GST Act. Not only goods but services also fall in reverse charge mechanism when a registered person purchases from unregistered person.
How do I transfer my business from one state to another?
How to Move Your Sole Proprietorship, LLC or Corporation to a New…
- Continue your LLC in the previous state. Register as a foreign (out-of-state) LLC in your new state.
- Dissolve your LLC in the previous state.
- Register a new LLC in your new state.
- Register a new LLC in your new state.
What is the penalty for not registered under GST?
Any taxable individual who fails to register under GST even if they are legally bound as per the GST Act needs to pay a penalty of INR 10,000 or the amount of tax evaded whichever is higher according to section 122 of CGST Act.
When is GST registration required for suppliers?
As per the section 24 of CGST Act 2017 there are certain cases when GST registration is required to be taken by the supplier of goods or services or both. In this section supplier has to get itself registered irrespective of the fact that it has aggregate turnover of 20 lakhs (10 lakhs in case of special category of states) or above.
What is the turnover limit for GST registration?
This means that the taxpayer whose turnover does not exceed 20 lakh limit can also do registrations under GST.
What is the difference between GST registration and voluntary registration?
GST registration is only mandatory for the persons specified by the government. But if a person is willing to take the registration then he must follow all the compliance. So the voluntary registration is like a two-sided coin which has benefits along with some liabilities.
How GST will affect your business in 2020?
Upcoming GST will be requiring registrations to be strict and complied with the rules and regulations and has also declared that the business units having a turnover less than 20 lakh (10 lakh for NE states) and Rs. 40 Lakhs for small and medium enterprises with effect from April 1,2020 can get away with the GST registrations.