FAQS ON GOODS AND SERVICES TAX (GST) - PART 4

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

Businesses can claim input tax credit on goods and services used for business purposes.

Input tax credit cannot be claimed on goods and services used for personal purposes.

GST returns must be filed monthly or quarterly depending on the business's turnover.

Late filing of GST returns can result in penalties and interest.

GST registration can be cancelled if the business is no longer eligible or if it fails to file returns.

Businesses can opt for composition scheme if their turnover is less than Rs. 1.5 crores.