Key Updates in Goods & Services Tax – April 2019
Increased Turnover Thresholds for GST registration
Central Government vide Notification No. 10/ 2019-Central Tax has increased the turnover limit for exemption from GST registration to Rs 40 Lakhs for any person engaged in the exclusive supply of goods w.e.f 01.04.2019. Said exemption will not be available to the following person-
- Persons required to take compulsory registration under section 24 of CGST Act
- Persons engaged in notified supplies like Ice cream, Pan Masala and Tobacco etc.
- Persons making intra-State supplies in the states of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripura, and Uttarakhand.
- Persons with voluntary registrations or intend to continue such registration.
- Persons with aggregate turnover in the preceding financial year was Rs 50 lakh or below.
- Persons not eligible to pay tax under Composition Scheme.
- Persons who are not making any supplies which are not leviable to tax.
- Persons who are not making any inter-State outward supply
- Persons who are neither a casual taxable person nor a non-resident taxable person
- Persons should not be making supplies of Ice cream and other edible ice, (whether or not containing cocoa), Pan Masala and Tobacco and manufactured tobacco substitutes.