The new tax regime, the Goods and Services Tax (GST), was enacted in India on 1 July 2017. The GST has replaced many indirect taxes that the federal and state governments had previously imposed. A person or business organisation whose taxable turnover exceeds the established threshold limit is referred to as a taxable person for purposes of the GST.
A person or business organisation that engages in a taxable supply of goods, services or both are referred to as a taxable person under GST if their combined annual revenue exceeds the threshold limit of ₹20 Lakhs (₹10 Lakhs for special category states). Taxes and inbound supplies are not included in aggregate turnover, comprising all taxable supplies, exempt supplies, and exports the taxpayer produces.
A person who periodically provides products or services in a taxable territory without a permanent place of business is called a casual taxable person in GST. Such individuals are often not involved with the normal delivery of products or services but rather provide such supplies at exhibits, seminars, trade fairs, or other similar events. They are not qualified for normal GST registration since they do not have an established place of business.
Except for individuals who fall under the excluded categories, everyone taxable under the GST is obliged to register for GST. The following are the requirements for GST registration:
Being a registered GST taxpayer is essential for various reasons:
To summarise, knowing the idea of a taxable person under GST is critical for adhering to tax regulations and avoiding fines. Managing funds is critical in every organisation, and solutions like Fi Money may help keep track of your finances. This money management platform will help you Know Your Money & Grow Your Money. Fi's AI-powered Analyser can provide insights to help track your expenses: Analyse your spends by Merchants/Brands, Categories (like Food, Entertainment) & by Time (daily/monthly spends). FYI: Fi also provides thoughtful, non-intrusive nudges to help you maximise your savings/investments. Want to know your credit score? The Insights Hub on our Analyser can do that too. This is why over 2.5 million people trust Fi to get a 360-degree view of their money.
Both limits apply to different companies:
Yes, the GST includes money. GST applies to any exchange of goods or services for payments, including cash.