Understanding GST Registration in Karnataka
Do You Need to Register for GST in Karnataka?
GST registration in Karnataka is compulsory for businesses with an annual turnover exceeding Rs. 40 lakh for supplying goods and Rs. 20 lakh for providing services. Additionally, businesses involved in the interstate supply or those opting for the composition scheme must register for GST irrespective of their turnover.
Let’s understand a little more about various GST registrations.
- Voluntary Registration: This means a business gets itself registered under Karnataka GST, even though the threshold turnover is not exceeded. This is purely voluntary and not by requirement of law.
- Mandatory Registration: Now there are certain circumstances where GSt Registration would become mandatory for your business
- Turnover: If the annual aggregate turnover of your business crosses the threshold limits, then GST Registration becomes mandatory. This limit at present is Rs 40,00,000 for suppliers of goods and Rs 20,00,000 for providers of services in Karnataka
- Interstate Sales: If your business based in Karnataka wants to supply goods or services to customers outside the state, then GST Registration would become mandatory
- Others: Other cases, in a nutshell, would include mandatory registration for a casual taxable person, exporters, input service providers, etc. We are not discussing these aspects in detail, but if you want to know more just drop a mail to info@clearbiz.in