Q: Who is mandatorily required to register for GST?

Generally, any business with an annual turnover exceeding ₹40 Lakhs (for Goods) or ₹20 Lakhs (for Services) must register. However, registration is mandatory regardless of turnover for businesses making inter-state supplies, e-commerce operators, or those required to pay tax under Reverse Charge (RCM). Expert Tip: At Denovo Axiom, we help you determine the exact point you need registration to avoid heavy non-compliance penalties.

Question 1

Who is mandatorily required to register for GST?

Accepted Answer

Generally, any business with an annual turnover exceeding ₹40 Lakhs (for Goods) or ₹20 Lakhs (for Services) must register. However, registration is mandatory regardless of turnover for businesses making inter-state supplies, e-commerce operators, or those required to pay tax under Reverse Charge (RCM).
Expert Tip: At Denovo Axiom, we help you determine the exact point you need registration to avoid heavy non-compliance penalties.

Question 2

Can I claim GST Input Tax Credit (ITC) on all business expenses?

Accepted Answer

No. While most business-related purchases are eligible, Section 17(5) of the CGST Act "blocks" credit on certain items like motor vehicles (with exceptions), food and beverages, and club memberships.
How we help: We perform monthly reconciliations of your GSTR-2B to ensure you claim every rupee you are legally entitled to while avoiding "Blocked Credits."

Question 3

Do I need to file an Income Tax Return (ITR) if my income is below the taxable limit?

Accepted Answer

While not mandatory for everyone, it is highly recommended. A filed ITR is a valid legal document required for Visa applications, Home Loan approvals, and to carry forward business losses to future years
Our Service: We ensure your ITR is filed accurately, serving as a solid financial record for your future goals

Question 4

What documents should I keep ready for a Statutory or Tax Audit?

Accepted Answer

You should maintain organized records of Sales & Purchase Invoices, Bank Statements, Expense Vouchers, Fixed Asset Registers, and Proof of Statutory Payments (like GST and TDS).
The Denovo Edge: We offer Staff Training to ensure your team maintains these records digitally throughout the year, making the audit process stress-free and fast

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F.A.Q.

Who is mandatorily required to register for GST?

Can I claim GST Input Tax Credit (ITC) on all business expenses?

Do I need to file an Income Tax Return (ITR) if my income is below the taxable limit?

What documents should I keep ready for a Statutory or Tax Audit?

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