Whether my service will covered under Exemeption services
Asked by Sonai C. ·
I am going to start a new manufacturing unit for that the machine which i am purchasing the GST amount of that is coming around 5 lakhs rupees.
For a new stater it’s a huge amount. Q 1. Any rules in GST to exempt that tax amount for the New SSI Unit? Q 2. Before I purchases the I have to do the GST number? Q 3. If I paid that GST amount how i can get the benefit of that? Q 4. If my turnover of this financial year less then 20 lakhs , Then how I’ll be benefited ?
1 answer
Team FileMyGSTRStaff· around February 2020
Here are the answers to your query:
For a new stater it’s a huge amount. Q 1. Any rules in GST to exempt that tax amount for the New SSI Unit? No Such exemption is available.
Q 2. Before I purchases the I have to do the GST number? If you have a GST Registration, you can claim an input tax credit against your future GST liability.
Q 3. If I paid that GST amount how i can get the benefit of that? It’ll be available in your account on GST portal and you can use the balance in future. Q 4. If my turnover of this financial year less then 20 lakhs , Then how I’ll be benefited ? In such case obtaining GST registration is voluntary, however if you have a high-value purchase, then it is advisable to obtain GST Registration Number.