THRESHOLD LIMITS EXPLAINED Threshold limit for composition scheme and Normal taxpayer is neither high or Low. You have to just understand the applicability which I am going to explain now. The threshold limit of a Normal tax payer showing ₹ 40 Lakhs and ₹ 20 Lakhs is the aggregate turnover showing the eligibility of getting registered under GST. That means if any taxpayer whose aggregate turnover of a single Financial year exceeds from ₹ 40 lakhs (for sale of goods) and ₹ 20 lakhs ( for service providers) then that taxpayer becomes eligible for registration under GST and Simple Registration under GST does not means that you are enrolled as normal taxpayer or as a composition taxpayer. Getting registered under a GST is just a first step and after that Taxpayer have to select that under which option he/she lies and Which option taxpayer wants to get enrolled. Now when You are registered under GST your GST Account will ask you to choose op...
Learn GSTR-1/3B filing, match ITC with 2B, use QRMP/IFF, avoid common errors; due dates, late fee basics, and FAQs made simple.