• GST for retail shop

Hi 
I own a shop of fertilizer and having only B2C transaction and already registered under GST but my yearly turnover is less than 20L.
Do i need to file GST in this case? And if yes then which one gstr1/gstr3 and at what time interval monthly or quarterly.
And what if turnover cross 20L in upcoming year.


(Sorry for asking multiple questions at once any you know Why..?)
Asked 5 years ago in Taxation

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7 Answers

A business whose aggregate turnover in a financial year exceeds INR 20,00,000 has to register under Goods and Services Tax mandatorily. For Northeastern and hilly states (i.e. Arunachal Pradesh, Assam, Jammu & Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand), this limit is set at INR 10,00,000. However, irrespective of the turnovers, both the casual taxpayers and non-residents taxpayers are required to register under the GST regime. Also, there are certain situations/transactions mentioned under Section 24 of the CGST Act, wherein, irrespective of Aggregate Turnover, the person is required to get himself registered under the Act.

Mohammed Mujeeb
Advocate, Hyderabad
19299 Answers
32 Consultations

4.7 on 5.0

See if you have taken registration under GST then you have to file returns.Businesses registered under Goods and Services Taxes are required to file three returns every quarter. These returns are GSTR-1GSTR-2GSTR-3 and include the details of all purchases, sales, and final tax liability after setting off Input Tax Credit. Failure to file these returns will not only deny the input credit to our buyer but also attract late fees, interest & penalty.

Shubham Jhajharia
Advocate, Ahmedabad
25514 Answers
179 Consultations

5.0 on 5.0

No you don't have to.

Prashant Nayak
Advocate, Mumbai
32059 Answers
183 Consultations

4.1 on 5.0

A business whose aggregate turnover in a financial year exceeds Rs 20 lakhs has to mandatorily register under Goods and Services Tax. ..

2)application for cancellation of registration by the concerned person who has registered voluntarily will be only after one year from the date of registration.

3)Once you register under GST you have to compulsorily file the return.

4) the registered person has to file NIL return within due date

Ajay Sethi
Advocate, Mumbai
94910 Answers
7570 Consultations

5.0 on 5.0

Dear Client,

Any business whose turnover exceeds the threshold limit of Rs. 20 lakhs (Rs 10 lakhs for North Eastern and hill states) will have to register under GST. No GST in your case.

Above 20 lacs, required to file GSTR-1 every month.

Yogendra Singh Rajawat
Advocate, Jaipur
22669 Answers
31 Consultations

4.4 on 5.0

 if you are registered in GST then you have to find your returns depending upon the scheme you choose if you choose composition scheme then you have to follow your returns quarterly but in case you have not chosen the composite scheme then you have to file your returns on monthly basis the threshold limit for GST registration is now 40 lacs and those who are doing business up to 40 lacs they need not to get registration but in your case if you have already registered with GST then choose GST composition scheme and file your tax return on quarterly basis based on your turnover and pay the tax @ 1% of your turnover

Vimlesh Prasad Mishra
Advocate, Lucknow
6852 Answers
23 Consultations

4.9 on 5.0

As per the provision of GST Act, every registered person has to file return even if itsturnover is less than 20 Lakhs. However there is a provision that they have taken registeration when turnover is less than 20 Lakhs.

GST registration is not compulsory but if you are indulge in buying or selling of goods or services then one should get itself registered, because filling of NIL return is mandatory for every dealer. There is a threshold exemption of Rs 20 lakhs upto which one need not register under GST.

 

GSTR ! monthly - 11th* of the next month with effect from October 2018. Previously, the due date was 10th

 

GSTR2  suspended

 

GSTR3  monthly 20th of next month

 

GSTR 4  quaterly 18th of the month succeeding quarter;

For further details you can contact your auditor who will guide you properly  on all such further issues.

T Kalaiselvan
Advocate, Vellore
85112 Answers
2215 Consultations

5.0 on 5.0

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