CLARIFICATION ON VARIOUS ISSUES PERTAINING TO GST

GST registration is mandatory for businesses with an annual turnover of over Rs. 20 lakhs

Input tax credit can be claimed only if the supplier has filed their GST returns

GST returns must be filed on a monthly or quarterly basis, depending on the turnover of the business

The due date for filing GST returns is the 20th of the following month for monthly filers and the last day of the month for quarterly filers

GST on exports is zero-rated, meaning that no tax is levied on exports

GST on imports is levied at the time of import and can be claimed as input tax credit

GST rates vary depending on the type of goods or services being sold