Hi,
No, GST registration is not compulsory for turnover not exceeding the threshold.
you can invoice the clients in any standard formats till the time you are unregistered under GST.
Thanks
Damini
Gay registration needed
Mine is a Pvt limited company with three employees and decided to do software development for overseas clients. My annual turnover will be within 20 lakhs limit. Is GST registration compulsory? How should I prepare invoice for my clients We are going to start doing business from next month only.
Asked 4 years ago in GST
Payment will come to the company's account in Indian bank. Any invoices to be sumitted to the bank or copy of the agreement with foreign clients to be given to our bankers.
Asked 4 years ago
- Supply of software development is treated as services under GST. In your case, it would be export of services for which the registration limit is Rs.20 lacs. Once you cross the threshold limit, get the registration within 1 month. Apply for LUT on the date of GST registration for export without payment of taxes.
- For invoices, you can use cloud based softwares such as quickbooks. Bankers does not need any invoices or agreement with foreign counterparts.
Dear Sir,
Hope you are doing well !!
You will be liable to obtain GST once the turnover crosses the threshold limit of Rs. 20 lacs.
Even when you cross 20 lakh turnover you can apply for LUT and export without payment of tax.
There is no need for the same.
Hi
If your turnover is below 20 lacs, you don't need a GST registration.
It would be normal invoice, not a tax invoice.
Report the correct code to the bank for receipt of foreign currency. Maintain e-FIRC copies.
You will need a GST registration if-
1. your turnover exceeds 20 lacs
2. you are importing any services
No GST won't be compulsory till 20 lakh turnover is reached.
However if you are going to do business on platforms regsitered in India you'll have to regsiter under GST even if turnover below 20 lakh.
If you need any assistance feel free to contact me.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
Many banks ask many banks don't.
So it depends.
GST Registration is not mandatory if your turnovers is below 20 lacs. You can prepare the invoice in dollar or INR.
Hello,
No, GST registration is not compulsory since your turnover is below the threshold limit of Rs. 20 Lakhs. Once you cross the threshold limit, you can apply for the GST registration, and also by applying for LUT, you can supply such export services without payment of GST.
For Invoices, you can use any software, or even excel would work.
I hope this answer satisfies your requirements.
Regards,
CA Hunny Badlani
There is no need to submit the invoices to the bank.
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