Taxes

What is the minimum turnover for GST Registration?

a close up of a street sign with a sky background

A business whose total turnover in the financial year is more than Rs 20 lakhs has to compulsorily register under the Goods and Services Tax. The limit has been fixed at Rs 10 lakh to mark North Eastern and hill states as special category states. 

GST Turnover Calculation

Aggregate turnover is an important term that determines the need for GST registration. Turnover is the value of a business over a period of time. Aggregate turnover in GST can be described as a supply of goods and services, export of goods and services, exemption of supply of goods and services, and taxable value of inter-state supply. Therefore, the total business for GST includes a supply of goods or services, exemption from GST, and exports.

The purpose of aggregate turnover

Aggregate turnover refers to a total aggregate value of all taxable supplies, excluding the value of inward supplies on which tax is payable by a person on a reverse exempt supplies, charge basis, export of goods or services or both, and inter-state individuals with the same Permanent Account Number are supplied on an all-India basis but do not include Central, State, Union Integrated Tax and Cess. 
Chartered Munshi gives you valuable professional assistance to register for GST.

About the author

Swaraj

4 Comments

  • What i don’t understood is in reality how you are not really much more neatly-liked than you may be right
    now. You are very intelligent. You already know therefore considerably when it comes
    to this subject, made me for my part believe it from numerous various angles.
    Its like men and women aren’t fascinated until it’s
    one thing to accomplish with Lady gaga! Your individual stuffs great.

    At all times maintain it up!

  • Wow, superb blog layout! How long have you been blogging for?
    you made blogging look easy. The overall look
    of your web site is fantastic, let alone the content!

Leave a Comment