If you are running a business whose annual turnover exceeds the GST threshold limit, you are required to mandatorily undergo GST registration for your business, unless you are explicitly exempt from doing so. Keep reading to know more.
Upon addressing the demands of MSME, the GST Council revised the threshold restrictions for GST registration. These modifications were recommended in the 32nd GST Council meeting held on 10th January 2019. The CBIC was subsequently notified of the following –
• Any business engaged in the supply of goods whose turnover in a fiscal year exceeds 40 lakhs for states in the normal category that have opted for the new threshold (20 lakhs for special category states and those in states that have not opted for the new threshold, such as Telangana) must register for GST.
• Any business engaged in the rendering of services or mixed supplies of goods & services whose turnover in a fiscal year exceeds 20 lakhs in normal category states (10 lakhs for special category states) must register for GST.
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