I want to start a business , in Hyderabad Telangana. Could u guys plz tell me the turnover limit for non gst registered firm.? I came across many answers on Google but still confused . AFAIK small enterprises n shops can run business if their turn over is less than 40 lac per annum. , But in one article it showed limit is 20 lac for Telangana n goa , Kerala State.
Additionally plz tell me about commercial taxes( professional tax per year levied on business )
In the GST Council meeting held on 10th Jan 2019, the registration limits for GST registration were raised to 40 lacs for the supply of goods and 20 lacs for the supply of services. The states were given an option to choose the new limits or continue with older limits.
While Kerala opted for the new registration limit, Telangana opted for the older one.
GST Registration in Kerala
If the aggregate turnover in the financial year for the supply of goods exceeds INR 40 lacs or for the supply of services exceeds INR 20 lacs, registration under GST is mandatory.
GST Registration in Telangana
If the aggregate turnover in the financial year for the supply of goods exceeds INR 20 lacs or for the supply of services exceeds INR 10 lacs, registration under GST is mandatory.
One last question… i came across many accounts (business contacts) where they run current account in bank n their transaction r above 40 lac. In that scenario what could be the consequences ( penalty, fine) and moreover when i enquired they said its b2c.business. can u elaborate on the same.