Home > GST > Help Center > Revise GST Tax Invoice Last Updated: Dec 09th 2023
Every person who is dealing in goods or services needs to register for GST if his aggregate turnover in a financial year exceeds the threshold limit.
This document covers
In a fiscal year, the threshold limit for GST registration is Rs 20 lakhs. However, in certain states, the registration fee is reduced to Rs 10 lakhs.
The threshold requirement for various states are as follows
States | Nature of Supply | Threshold Limit |
---|---|---|
| Supplier of Goods and/or Services. | Rs 10 lakhs |
| Supplier of Goods and/or Services | Rs 20 Lakhs |
All Other states (except above states) | Supplier of Goods and / or Services | Rs 20 Lakhs |
All Other States | Supplier of Goods | Rs 40 Lakhs |
The taxpayer needs to register for GST within 30 days from the date on which his turnover exceeds the threshold.
The taxpayer registered under GST would issue the invoices with the GSTIN after getting registered, show them in their GST returns, and pay the GST.
But there would be a time lag between the date of application for registration (the "effective date of registration") and the date of the GST registration certificate. To avoid revenue loss and ensure compliance, the government has implemented the concept of the "Revised Tax Invoice".
Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.