Is GST registration mandatory for MSME
GST registration mandatory for (MSME)Micro, Small, and Medium Enterprises (MSMEs) if their aggregate turnover exceeds Rs. 40 lakhs (for goods suppliers) or Rs. 20 lakhs (for service providers). However, in some states, the threshold limit for GST registration for goods suppliers has been increased to Rs. 75 lakhs.
To Visit https://www.gst.gov.in/
Even if the MSME’s turnover is below the threshold limit, they can voluntarily register for GST to avail of the input tax credit benefit and to expand their business by supplying goods or services to registered taxpayers.
It is important to note that GST registration is mandatory for MSMEs engaged in inter-state supply of goods or services, irrespective of their turnover. Also, MSMEs registered under the composition scheme are exempted from GST registration.
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