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Kumar Vaddapally

NEED CLARIFICATION ON GST

I started a partnership firm travel business in Oct-2017. Its bank transactions are 17 lakhs. After all expenses profit will be around 1 lakh in the financial year. whether it comes under GST. I have to pay income tax? more  

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N S SRINIVASA MURTHY
As I understand, the minimum turnover for registering under GST is 20 Lakhs. For a partnership firm, income tax has to be paid on profit for any amount whatsoever. more  
Saripalli Suryanarayana
Good suggstion more  
Shyamsundar Joshi
There are two aspects GST & Income-tax both differ by meaning, for GST not required to register but income tax is payable on the profit earned by the firm & your individual status !! correct if I am wrong !! more  
Dwarkadas Ladda
Follow sum of travel services billed plus luggage charges by whatsoever name like parcel or courier billed.If the GST is collected by ur booking agents online or offline please ensure.Also the travel charges in cash.If all together if doesn't exceed RS.18 lakh obtain GST and file GST return claiming exemption.IT return is on annual basis on the income of the firm. more  
SURINDER SINGH
Services are also exempt upto 20 lacs in GST . Hence GST registration not required.Under Income tax act ,tax is payable by partner ship firm even if it earns 1 rupee i.e. basic exemption limit for firm is zero rupee more  
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