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KEY HIGHLIGHTS OF GST

Registration

Threshold limit

Rs 10 Lakh for Special Category States *

Rs 20 Lakh Lakh for other than Special Category States (*Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand)

Place of registration

A taxable person has to take registration in the State(s) from where taxable goods or services are supplied.

Aggregate Turnover

Aggregate value

Includes all Taxable Supplies, Exempt Supplies and Export supplies.

Composition LEVY

Turnover

Aggregate turnover of a registered taxable person in the previous financial year is less than Seventy Five lakh rupees.

Input Tax Credit

IGST shall be utilised first towards payment of IGST and the remaining amount, if any, can be utilised towards payment of CGST and SGST.

CGST shall be utilised first towards payment of CGST and the remaining amount, if any, can be utilised towards payment of IGST.

SGST shall be utilised first towards payment of SGST and the remaining amount, if any, can be utilised towards payment of IGST.

There is no cross credit utilization permitted between CGST and SGST.

Taxway Group

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