Certain exemption limit is also applicable above which only NGOs have to pay GST and should be registered under the GST Act. What is the threshold limit for Audit under GST? Independent service providers, as well as mixed suppliers of goods and services with an annual turnover of up to Rs.50 lacs in the preceding financial year can opt for this scheme. On 10 Jan 2019, Some of major decisions taken by then Finance Minister. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Online Service Providers providing service from outside India to a non-registered person in India. 1st July, 2017. … The limit remains unchanged at Rs.75 lacs for North Eastern states & Uttarakhand. 27.11.2020: The Central Board of Direct Taxes(CBDT), is going to validate UDIN with ICAI while submitting the Tax Audit Report. Those who use the scheme from April 1,2019. These professionals need to get themselves registered under GST laws, collect GST @ 18% on their invoices and deposit the same to the Government treasury, after adjusting allowed set offs, if any. Every E-commerce Operator who provides a platform to suppliers to make supply through it. Hello, The limit for taking GST registration for a service provider is Rs. Another key factor in running a business is CA consultant in Noida.Tax matters of all kinds, GST conformities, are resolved by your CA. The GST Act/ Rules do not vest a GST practitioner with the power to audit under section 35(5). As per GST Council Decisions in its 32nd Meeting it seems that GST Registration New Turnover Limit is for supplier of goods. (i.e. Persons taxable under the reverse charge basis. I am existing GST Number Holder Do I need to Amend by Registration ? It does not include cases where a person needs to obtain GST registration under section 25 (Normal registration) and 27 (Registration as a casual taxable person/ non-resident taxable person) of the CGST Act. Every registered taxable person whose turnover during a financial year exceeds the prescribed limit [as per the latest GST Rules, the turnover limit is above Rs 2 crore^] shall get his accounts audited by a chartered accountant or a cost accountant. Ltd. GST Registration Threshold Limits Increased. However states would have an options to decide about limit within a weeks time. The CBIC notified that the registration of specified taxpayers shall be suspended and system-generated intimation for suspension and notice for cancellation of registration in FORM GST REG-31, containing the reasons of suspension, shall be sent to such taxpayers at their registered e-mail address. *4 Quarterly payment and Annual Return* Registration under GST . Every supplier whose aggregate turnover in the FY 2019-2020 exceeds the new threshold limits will have to get registered under GST. If the firm carries on business without GST registration, it will be an offense under GST … The time limit for completion or compliance has been extended to 30th June 2020, where the time limit falls between the period from 20th March 2020 to 29th June 2020. I haven't crossed the limit yet. NBFC / RBI Matters: Fee charged by CA in Practice for the work related to NBFC and RBI matters. The limit was increased for supplies of goods only up to Rs. GST Registration If an NGO runs any programs such as cultural events or any other training which is paid for participants, then NGO is liable to pay GST. The states have an option to opt for a higher limit or continue with the existing limits. b) GST Audit- There are three types of audit prescribed under GST Act as explained below: i. Audit by chartered Accountant or a Cost Accountant: Every registered person whose turnover exceeds the prescribed limit, would be required to get his accounts audited by a Chartered Accountant or a cost accountant ganesh s iyer These two states had the option to remain under lower threshold limits as they fall under the Special Category States. Goods and Services Tax (GST) Registration GST will replace Central and State level indirect taxes like Central Excise Tax, CST, VAT, Servce tax etc. The GST law dictates that every registered taxable person must maintain their book of accounts for a period of at least 6 years from the last date of filing of the relevant annual return. The above changes were proposed in the 32nd GST Council Meeting held on 10th January 2019. Of goods for GST Registration, on considering the demands raised by MSME increased. Were proposed in the team for leadership and supervision GST Solutions from,... 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