Balance Sheet for Spas & Parlor
Within the domain of Spas & Parlor Services in India, a significant parameter is the balance sheet threshold, established at ₹2 crores.
This signifies that any spa or parlor service boasting a balance sheet total exceeding ₹2 crores is obligated to initiate registration with the Goods and Services Tax (GST) authorities.
This threshold encompasses all spas and parlor services, irrespective of their employee count. However, some exceptions to this rule exist.
Notably, spas and parlor services situated in rural areas are exempt from GST registration if their balance sheet total falls below ₹1 crore.
Should a spa or parlor service surpass the threshold, they must promptly register with GST within 30 days from the moment they breach this limit.
Additionally, The registration process can be conveniently conduct online through the GST portal.
Once successfully register with GST, Additionally, these establishments assume the responsibility of collecting GST on all their taxable supplies.
Furthermore, they gain the eligibility to claim GST input tax credits for the goods and services procure in the course of their business operations.
Worth noting is the government’s periodic revision of the GST registration threshold limit. The most recent adjustment was effect in 2022, with the updated limit coming into force as of January 1, 2023.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com