The much awaited notification for prescribing higher Turnover limit for GST Registration in Tamilnadu has been issued.
As per this notification, Any person who is engaged in exclusive supply of goods and whose aggregate turnover in a financial year does not exceed Rs. 40 lakhs, are exempt from taking Registration under GST.
The benefit of this notification can be availed if the following conditions are satisfied :-
1) You should exclusively deal in Supply of goods. This means if you are a service provider, the existing limit of Rs. 20 Lakhs continues. Works contractors are also not eligible for this benefit since they are service providers.
2) You should deal only within state. If you are doing a inter-state taxable suppply, you are not eligible
3) You should not be a person required to pay tax under Reverse Charge mechanism
4) Existing registered persons who opt to continue their registration will not be covered under this
5) If you are trading in Ice cream and other edible Ice, Pan Masala, Tobacco and manufactured tobacco substitutes.
The extract of the notification is attached herewith.
The CGST notification regarding the same is also attached herewith.