Filing the GSTR-9 annual return is mandatory for GST-registered taxpayers with an aggregate annual turnover exceeding ₹2 crore. For businesses with a turnover up to ₹2 crore, filing the GSTR-9 is optional. This threshold applies to regular taxpayers, while composition taxpayers file a different form (GSTR-9A).
GST Annual Return is to be filed by the registered taxpayer whose turnover for the year exceeds Rs. 2 crores.
According to Notification No. 10/2019, any business engaged exclusively in the supply of goods must register for GST if the annual turnover exceeds ₹40 lakhs.
GST Turnover Limit for Goods Suppliers
If you are supplying goods only, then in normal states the gst threshold limit for registration is ₹ 40 lakh per year. In special category states the limit is typically ₹ 20 lakh.
If you have exceeded the threshold you must register for GST. You reach the GST turnover threshold if either: your current GST turnover – your turnover for the current month and the previous 11 months – totals $75,000 or more ($150,000 or more for non-profit organisations)
Enterprises in India must register for GST if their annual turnover exceeds Rs. 40 lakhs (or Rs. 20 lakhs for businesses in certain special category states).
Businesses with annual sales of Rs. 40 lakhs or more for goods, and Rs. 20 lakhs or more for services, must register for GST. If the turnover exceeds the allowed threshold, there is a penalty for failing to register under GST.
To calculate AATO, add the values of all taxable supplies, exempt supplies, exports, and inter-state supplies made during a financial year.
The turnover limit for a mandatory GST audit is ₹2 crore. If a taxpayer's annual turnover exceeds this amount, they must have their accounts audited by a qualified Chartered or Cost Accountant.
Working out your GST turnover
Your GST turnover is your total business income (not your profit), minus: GST included in sales to your customers. sales to associates that aren't for payment and aren't taxable. sales not connected with an enterprise you run.
Yes, every GST-registered taxpayer whose annual turnover is more than Rs.2 crore must file GSTR-9 annually. It is optional for the rest of the taxpayers. Is GSTR 9 mandatory for less than Rs.2 crore? No, the department made GSTR-9 optional for businesses with less than Rs.2 crore to ease the compliance burden.
Annual turnover is the total income your business makes over one financial year. It's also known as gross revenue or total sales. It combines all the money you've received from selling products or services over a year.
The GST limit for composition schemes in India is Rs. 1.5 crore turnover per annum. Composition schemes are voluntary schemes available for small businesses with annual turnovers up to Rs. 1.5 crore who can opt for fixed tax rates instead of regular GST rates.
Yes, the annual return needs to be filed even if the taxpayer has got his registration cancelled during the said financial year.
The turnover limit for registration under GST is INR 20 lakhs (INR 10 lakhs for special category states). Therefore, even if your turnover is less than INR 20 lakhs, you may still be required to file GSTR-3B if your turnover exceeds INR 5 crores.
You can elect to report and pay GST annually. You can only use this method if you are voluntarily registered for GST. That is, you are registered for GST and your turnover is under $75,000 (or $150,000 for not-for-profit bodies).
Tips To Reduce Risk Of GST/HST Audit
GST is leviable only if aggregate turnover is more than 20 lacs. (Rs. 10 lacs in 11 special category States). For computing aggregate supplies turnover of all supplies made by you would be added.
Turnover limit for applicability of tax audits to businesses is Rs. 1 crore. However, the limit should be increased to Rs. 10 crores if the cash receipts / cash payments does not exceed 5% of the total receipts / total payments.
Turnover between ₹2 crore and ₹5 crores: Filing GSTR-9 is mandatory for taxpayers that have an annual turnover exceeding ₹2 crores but not crossing ₹5 crores. Turnover exceeding ₹5 crores: This is for businesses with a turnover above ₹5 crores.
GST Exemption Limit
Under the Goods and Services Tax (GST) regime in India, businesses whose annual revenue exceeds specific thresholds are required to register and pay GST. Currently, the GST Exemption Limit is set at Rs. 40 lakhs for goods and Rs. 20 lakhs for services.
very registered entity whose aggregate turnover during a financial year exceeds Rs. 2.00 crore has to get its accounts audited as the provisions of GST Act.
You reach the GST turnover threshold if either: your 'current GST turnover' (your turnover for the current month and the previous 11 months) totals $75,000 or more ($150,000 or more for non-profit organisations)
As per the latest amendment in August 2023, all the businesses registered under the GST Act, with a total turnover exceeding Rs. 5 crores, are required to generate an e-invoice.