Is there any exemption for GST?

Businesses and individuals who are supplying goods can claim GST exemption if their aggregate turnover is less than INR 40 lakhs in a financial year. For hilly and north-eastern States of India, the limit has been revised to INR 20 lakhs.

What businesses are GST exempted?

Any business with a turnover of less than Rs. 40 lakhs is recognised as a GST-exempt business. Businesses that have a lower annual aggregate turnover than Rs.

Is GST applicable for construction?

The following rates of output GST were applicable: GST at 12\% was applicable on ‘supply of real estate before completion i.e Purchased in the under-construction stage. ‘ A concessional rate of 8\% was applicable for units qualifying for Affordable Housing.

Is there GST on religious services?

Therefore the activities and transactions conducted by the religious trust with the predominant object of advancement of religion does not attract tax under the GST law.

Is GST mandatory for all businesses?

As per the GST Act, if your financial turnover is above Rs 40 lakhs, then you need to register under GST. Under the GST regime, every business holder gets Goods and Services Tax Identification Number (GSTIN) or a GST Number. Every registered person receives a unique identification number.

What is the GST rate on construction?

The GST rate on under-construction property or ready-to-move-in flats, where the completion certificate is not issued at the time of sale is currently at 12\% with full Input Tax Credit (ITC). For affordable homes, the existing tax rate is 8\%.

What is GST on construction material?

GST rates on construction material

Construction material	GST rate
Building stones	5\%
Cement	28\%
Iron and steel products	18\%
Tiles (Earthen, roofing)	5\%

Do trusts have to pay GST?

In the context of GST, a trustee (and “a trust”) will only be liable for GST and entitled to input tax credits if a legal person makes a relevant supply or acquisition in the capacity of trustee of the trust of which he she or it is trustee.

How many construction services are exempted from GST?

In addition to above two construction services, the notification has also exempted following two services from GST.

What is the meaning of GST exemption?

However, in some instances, no GST is levied. Non-application of GST is called GST exemption. This exemption is available for specific businesses, goods and services. Exempt supply under GST means supplies which not attract goods and service tax. In these supply no GST is charged.

Are charitable and religious trusts exempted from GST?

While the income from only those activities listed above is exempt from GST, income from the activities other than those mentioned above is taxable. Thus, there could be many services provided by charitable and religious trust which are not considered as charitable activities and hence, such services come under the GST net.

Is GST applicable on services provided by an unregistered person?

This condition states that if the service is supplied intra-State or if the service is supplied by a registered person to an unregistered one, GST would be exempted if the total value of such supplies received by a registered person is not more than INR 5000/day.