Researched by Nihal Gawas
Any person who carries out any type of business, at any place in India can register under the GST act. This applies for firms looking for GST registration in Goa too. However, it is mandatory for firms who’s turnover exceeds certain limits set by the government. The limits are as follows :
NEW LIMITS AS ON 1ST APRIL 2019
For the normal category states* the limit is set as 40 lakhs
For the special category states* the limit is set as 20 lakhs
[* GST being a tax on the event of “supply”, every supplier needs to get registered. However, small businesses having all India aggregate turnover below Rupees40 Lakh (in case of exclusive supply of goods) (Rupees 20 lakh if business is in the States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripura and Uttarakhand) and Rupees 20 lakhs (in case of supply of services or in case of mixed supplies) (Rupees 10 lakh if business is in States of Manipur, Mizoram, Nagaland and Tripura) need not register. The small businesses, having turnover below the threshold limit can, however, voluntarily opt to register.]
The firm which delays to register under the GST act after exceeding the limits set by the government they are set to pay the fines.
A firm operating in different states should obtain a separate GST registration for each state. Firms like Event management companies, Transport companies or transporters, ecommerce, government contractors and sub-contractors should do their GST registration in Goa.
Different types of exemptions under GST Act
There are various types of exemptions in the GST act with different terms and conditions. They are as follows :
GST exemption from registration
Some of the firms are exempted from registration under GST Act. Firstly the firms who have their turnover below the limits set by the government. Secondly the suppliers of exempt goods and services like bread, fresh fruits , milk, fresh curd etc. Thirdly the person who is supplying non – GST good and services like fruits, fish, natural products like honey, cheese, eggs etc.
GST exemption for Startups and small businesses
Individuals aspiring to start a business can benefit greatly form the new regulations of the GST scheme. Firstly new business with the turnover less than 40 lakhs is recognized as GST-exempt business. Secondly the business that has lower aggregate turnover less than 1.5cr can avail of a composition scheme under GST. Read more about this here. The scheme allows the individual to pay taxes at a fixed rate depending upon the turnover amount.
Exempted Goods under GST
Few of the goods are exempted under GST those are fresh and dry vegetables like Potato, onions, and other leguminous vegetables . It also includes Fish, milk etc. food items which are put in branded packaging like rice, wheat, corn etc. also components like human blood and hearing aid manufacturing parts, chalks, slates, handloom etc.
Exempted Services under GST
Few of the services are exempted under GST:
Agricultural services, including harvesting,
packaging,
warehouse,
cultivation,
supply,
leasing of machinery,
are exempted under GST.
Also other services like
public transportation services,
metro,
metered cabs,
auto-rickshaws etc.
Transportation of agricultural products outside India
goods transport where the charges are less than 1500INR.
